Text

Oh Edison 1991 Annual Rept
	ML20096A740
Person / Time
Site:	Beaver Valley
Issue date:	12/31/1991
From:	Holland W, Rogers J; OHIO EDISON CO.
To:	;
Shared Package
ML20096A734	List: ML20096A728; ML20096A737; ML20096A740; ML20096A747; ML20096A749; ML20096A759;
References
	NUDOCS 9205110197
	Download: ML20096A740 (44)
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3

HGHUGHTS I

OPERATING PERFORMANCE Retail Kilowatt-Ilour Sales (Millions) 24,257 23,913 Average Ar.nual Residential I

Kilowatt iloor Use 8,498 8,159 Customers Served (Decemter 31) 1,044,464 1,035,416 Peak Load (Megawatts) 5,513,

5,394 Generating Unit Equivalent Availability 81.9 % !

80.4 %

Number of Emplopes 6,481 6,792 flNANCIAL PERFORMANCt' 52,358,946

$2,240,646 Operating Revenues j$1,171,684

$1,194,403 Operating Expenses I

Operating Ir.:ome l

$550,452

$510,279 Interest and Other Charges I

$324,017,

$329,520 Earnings per Common Share 51.60 i

$1.67 Dividends per Common Share 51.50 I

$1.73 Market ITice per Common Share (Decemter 31)

$20.50

$ 17.13 Internally Generated cash 5686,864

$531,453 Capital Expenditures _ ___ _

$235,622

$210,993 I RETURN ON I EAANNGS Pnn I OPERATNG AVERAGE SHARE REVENUES COMMON EOun v

[cowaret

($ s.a.ans]

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[Percenti m

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'OO '89 '90 91

'OO '09 '90 B1

'OO '89 90

'9

1

MEsstaE To STOCKHOLDEF1S We made hard camal progmss e Operating with 311 fewer offwtting emission allowances to

! in Iwl.

employws than we had in IWO, keep our units in cumphance. This i

We achiemi record attil sales saving an estimated 510 milhon unique feature ensures that coal l in the mkist of a weak economy, annually.

availabihty will not hmit our

! kept operating costs below 19)0 We aho initiated several new options as we fmahze our clear ksels, and significantly improved pmiects that will enhance our air comphance strategy.

I our cash flow.

mmpetnive position in the years Our previous imestments in i

j Our 19)) earnings of $160 ahead:

envimamental protection will per share were down from the a We're receiving international serw us well And we intend to presious year's camings of SIN recognition for an innovatne remam flexible-whether we're per share. Even so. last year's project at nur plant in Toronto, negotiating new coal contrads or eamings refka alid perfonnance.

Ohio, where we're burning who!e, imesting in new clean coal tech-considering revenue level 3 allowed scrap tires with coal to generate nologes-to minimize the impact by the Public l'tiliues Q>mmission elecincity. In June, we rtreived of o>mpliance on our stockholders of Ohio.

approval from the Ohio Environ.

anc nistomers We have good nuson to feel mental Protection ?gency to mme Another pmjed represents a postuve ainut the future. And, forward on the project. l.ast year, p)tential new source of energy for with our improved cash flow, we we bumed more than 50,000 tires our Q>mpany and other electric believe that the common stock at the plant. We phm to eventually utdines. In October, we reached a dwidend is secure.

hum up to six milhon scrap tires a mndaional agreement with During tht > car, we took a year, recovering the energs equiva-Summit Energy Morace, Inc. (SES),

number of aggressive steps to keep lent of 330,00n barrels of oil The to kase capaaty from a hydn>

our costs in line and strengthen progo increases our resenues ekttric, pump 11 storage plant that our financial pauion. These through fees nreimi for scrap SES plans to build at an aban-measures includte tires reduces our customers' hills doned limestone mine located in

. e Reduang our capital expen by lowenng fuel costs, and our service area. The pytt is ex-ditures by 535 million from the addresses growing envimnmental perted to provide a cost-effeoive presivus year:

problems associated with tire piles.

means of mwting peak customer e Redeeming or refinancing e We're placing ourselves in a demand for ekurial) and to more than 5485 million of secun-strong position to meet one of the generate additional resenue from ties, lowering our costs by nearly most cntiad Jallenges fanng our fees we would nreive for tran3mit-57 million annually; industry-compliance with the ting power to other utility e Restructunng the debt Clean Air Act Amendments. We participants asweiated with the Perry Plant signed three new contracts in 1991 These and other new develop-leaw transaction, which wii!

that enable us to specify the sulfur ments, many of which are outhned reduce our annual lease payments content of coa! we receise Imm later m this report, are building a by some 56 million; and, our suppliers. They can either strong foundanon for your nieet our requirements or provide Company's future-a future that e

1

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l

~ _ _ - _

l will bnng significant change, dioxide emissions. The reason challenge and opportunity.

may be obvious: As many saen-For example, as part of its tists nrognize, nature itself pm-efforts to develop a National doces more than H percent of all Energy Strategy, Congress is greenhouse pe This illustrates

' 'considering amendments to the the need for a more reabstic and i

l Public l'tiht) llolling Company reasont4 approach to environmen-

{ Xt (Pl'ilCA) and the Federal Ibwertal issues, one beed on a nrogni

[

l kt that could have the effect of tion that our hmited resources F:

l restrudoring the incestor-owned should >upport ordy those projwts dectric utihty indu3try. These that offer worthwhile benefits to amendments include provisions the envminment for mandatory transmission We wdl continue to take a

acces. which oauld enable some an active role m debates oser l

priv&ged customers to bypa:,s 13 sues aff cting the future of our t

kica! utthty service. As a result, Company. At the same tune, we I the vast maionty of businesses intend to stick to the business we U

l and residential customers wou!d know, following dear and well-be burdened with inen=ed rates defined goals that will lead to our ie

]

and less-rehable service.

future success.

We support the efforts of As we hiok to the future. the

~~

Congress and the Administranon keys to our success will coatmue M ""I ""#" d'

"'"""'"d to deselop a sound. comprehensive to be hard work, prudent manage-nationalenergy plan lioweser, we ment, and a pursuit of excellence strongly cppose any strategy-that serves the best mterest of incluthng PillCA refonn or manda our stocLholders, our customers tory a t-ss-that threatens our and our employ ees.

country's electne system. tLe most rehable and economical in y

y p the world.

CJ O U We have similar conwrns Justin T Rogers,Jr.

mmun and mr huuuw ocar ainut calis for a&btional. canty environmental controls to addn:ss global wannmg. At this point, f.gu%d most credible saentific evidence Willard Pm liolland has shown httle or no nse in he w w o on r global temperature, despite in-g7%

creases in man-made, carbon.

3 i

YEAR IN REVIEW

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'I RECORD RETA!L SALES

SEL LING OtJTSIDE i and more than 280 million kilo-i OLiR SYSTEM I

.i Despite the rtression, we watt-hours of new commercial l achieved rerd retail sales in Although down for the year, and industrial cooking and heat-

' sales to other utilities over the 1991L An additional 9,000 cus-j ing business. This new business f tome s and a wanner-than-usual j past fhe yms have asunted

should generate more than j summer helped push residential

{ for more than $1 bilhon in reve-3(,0 million in additional revenue

h sales to 73 billion kilowatt-nue. In February, we secured a for our O)mpany during the

! new agent with ibtomac balance of the 1990s.

j hours for the year-a 5.1 per

g _ 7 i cent increase over record sales in l M Dowcr Company (PEICO)

Th,

We also work to promote

,! 1990. Sales ta commercial cus-

in Washington, D C., that pn" economic growth in communities !

hY

! ' tomers remained a fast-growing j vides for year to-ym sales of

throughr>ut our service area.

! he /

! market segment, increasing

ekctricity. Under this agnement, Toward tlus goal, we continue to !

kh Y

! 3.7 percent as the number of

PEPC0 purchased more than

oEr special, five year netive l

Y i 770 million kilowatt-hours of in-

! businesses sened grew by 1.165.

rates to new or expanding busi-

{.i Industrial sa'es were down j terruptible power in 1991 Sales nesses that meet criteria related

! - only 2.8 percent following the to other utihties help ensure the to increased employment and l

! record set in 1990 13y contrast, j

st efficient u3e of our existing electric sales. In 1991,29 compa- !

} industrial sa!es in 1982-thef equ!pment while holding downnies qualifiett for these rates, pnces to our retail customers creating more than 2,100 jobs low point of the bst recession- :

dropped 18 perceat from the

MARKETING EFFORTS

md adding $S 4 million in new

(

b EXCEED GOALS previous year. Losses we tradi-revenue each year.

%y - -

u j tionally expect from our major Each year. we work to in in addition, we work closely QQ.

cease our shre of nimptWtise l with our commercial and indus- :

0"**"*

! industries durinS a recession l

motm we 1:

. markets, such as residential I were offset, to a large extent, by trial customers to make them c='m avat a casos,e - cr*

heating and new mn.mercial and. more aware of new energy-i the continued strength of our m e ura

! region's manufacturing exports.

industrial applications. Growth efficient systems that can increase UCE Total Kilowatt hour sales in these markets improves the

' the productivity of their busi-

! were off 1.3 percent for the year, efficient use of our electric aystem, nesses. Through a new program

[

t; reflecting a 9.8 percent drop in

and enhances the competitive calkd Energy Teamwork Connec-l

) sales to other utilities as well as position of the many manufactur~ : tion, we contacted 287 companies

[ the lower industrial sales.

ers that depend on our service.

throughout our service area last f

For tb : 3txth consecutive i

Alarketing efforts in 1991 year to evaluate their electrical i

year, our custcmers set a new to k advantage of two encourag-needs and show them how to peak demand for electricity. The ing trends in our service a~ea-get the most for their energy j peak was set on August 29, when, business activity remained steady, dours.

demand reache ~ 513 mega.

l and new residential construction DEMAND-S!OE

watts. Since 1985, our system c niinued to increase, up 4 per-MANAGEMENT

cent for the year. As a result, we Although it has become the i peak demand has increased 35 percent, or 1,429 megawatts.

were ab!e to exceed every market industry catchphrase of the ing goal set for 1991. We added

1990s, demand-side manage-

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4,278 residential water heaters 1

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demand by encour:ging cus-For example, more than In April, we began promot-

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tomers to use ekttricity efh-20,000 of evr customers now ing System.GT geothermal heat-

[

Ebrger P. ant matures tecn-ciently--is a tradnion at our t Le advantage of her Com ing, cooling and water-heating rocoes um Company. We hase been offering mander-21ong standing, systems. Using pipes buried in w a reduce our opernt.no costs try $12 meon a proven demand-Side programs demand side management pro the ground or submerged W for decades, and We continde to gram that Can reduce space ed Water, NPJse Systems draw upon promote efficiency and conserva water heanng costs by up to solar energy stoel within the l

tion where they make economic 60 penrnt By enabling us to earth w heat and cool In.mes. hi sense-for our ctutomers and control the use of electncal 19)l. more thac Ino geothermal for the Company. Smce the equipmtat in homes throughout systems w ere installed i:' our l

1950s, we have encouraged effi-our service area, radio-mntrolled senice area cient use of electricity for hght Ibwer Commander units can We also began sponsoring i

ing. heating. air conditioning reduce our peak customer Gmd Cents-a nationally and other apphances by offenng demand for ekttncity b) up rtrognized program offenng key customers price incentives to to 22 megawatts.

energy saving guidelines for new shht, or spread out over the day.

Last > ear, we introduud two home construction These st.ur their use of electricity new programs that continue m dards call for extensive insulation '

this tradition-System.GT and and high efficiency :. pace and l

Gmd Cents.

water heating New homes that S

l

? meet or exceed the program's

kept operating costs Mow 19%

levels, reduCmg eXpWes by I

i energy-efflCienCy guidelmes

$ receive a G ud Cents inspection

- nearly 39 million.

Last vmw notntut" t< ~

i custoner e n ore oren S0.000 l certificate, assuring both current We redeemed or refinanced wnm u um 30,no anwn tne

'90s." a vokabe p m.1e to tre erf r

.l and future owners that the home more than $4S5 million of securi- ;

m,c m e e,:tewm i ties, which will lower costs by

., v 4.y A..

! has passed strid standards for

.y

,p; +,-

s nearly 37 nuthon annually in a '. g.)

. i residential energy conservation a.

8 M. p'. -

(j-

,?O s

1.ast year, we certified more than r.ddition, we restructured the 4

p*

! 1;0 new homes in our senice debt associated with the sale-g- '1 s

g

[

l l area under the Good Cents

{ leaseback financing of ltrry 4

~

.fg i l'ait 1, n.ducing annual operating program.

. 1%

o

~

s in addition, we've distributed costs by some 56 milhon.

g

,e

-Sf

~

-4 a

, i to our cu:tomers more than We streamlined operations at t

,s g

i 50.000 copes of our luoklet.

. the Bruce Mansfield Plant, saving o

" Managing Energy in the '%sl us approximately 56 million in

'u a

a.-

l l which explains the operating annual costs through work force g.

I: costs of various ekctrical appli-reductions aimed at improving i: ances and provides utergy saving plant effkiency. Another 2.,. (1 S 1'-

P a r=Wt '

i i.

cemente

'y ste:u stor l

tips. We're also kioking closely at 54.6 million in annual savings

, j.

4; 7 tre con,nou

1. w a u cw on l:. a number of pilot proposals-will result from he closing of

' 4 a %s.9d, a p%nc~

i -

one of our oldest facihties-the 1

!. such as hot water conservation,

>%.H

^

i weatherization and new thermal Gorge Plant in Akron-which

,v.

.1:.....

.., k.s j energy storage projects-that

- would have needed additional,

'.. 7. f (

e s.

A i

may be introduwd in the years costi) environmental controls M #. n.. #... * - c-3..p] h '

I

) y e Jp ?.1 g..q yi r

l

,..j ahead. Before making them to nmain open.

I ^c.-:,

o i i

'.). W. M..

'] widdy availabb, we will test We're oncrutmg with ;,100

,

g '. I. th e

xp

these programs to measure en-fewer employees than we had in

).

p ergy savings, customer accept-1982, yet we're serrmg nearly if[.,.c. ",

,E g.f I

, ance and cost effectiveness.

80 000 more customers. By

[.;

8 q

Tog +.ther, these programs wdl keeping a strong focus on the build on our success in encourag-productivity of our work force, gj}jg ing the wise use of dectricity.

we are gettmg more done with EXPtdNSt:S p anony i STRCT COST fewer [wopie.

3 m

b a

CONTROLS We trimmed 559 million r

e m

from or system improvements In 1991, we took a number r

of aggressive steps to keen costs budget for lW1. and we are r

hmiting increases in operation

,; in line and to strengthen our i

l ; finecial position.

and maintenanca expenses

'i Throgh stnct cost controls through 19H to about half th(

l 3 and prudent magement, v,e rue of :nflation.

f Oti/r cost saving mea.iures range from the use of advanced

'80 '89 '90 '91

l l TIRE-8 URN PROJECT new, market-basal approach that MOVING FORWARO t

employs emission allowances Our Company reached a

' pmvided by our md supphrs

landmark in June when we n-

or pchsing hm tkm coM

having seseral different sulfur P.m m y

i Envimumcmal Protection Agency l contents.

((], g$/[]

,;T

to install a full-scale systnn to

[

In addnion, we have desel.

.g g} g f

?

q;

}

i burn whole, scrap tires at our qf opal an impmval system of

[T_k

j hmnm Wmt in Tomnm, Ohio.

! collecting fuel data. The system (7

p Q,j g $

A first among the nation's

, accurately tracks the tonnage and (cg j investor-owned udlities, the

! quality of coal we purchase, j

process has the potential to dis-l helping ensure that we continue !_

Q(g i pose of up to six million scrap i to hase the lowest-cost fuel nm tires annually, nrovenng the supply of any of Ohio's ekttric l

energy equivalent of some

companies and that all of our

..q i 330,000 barrels of oil. Our cus~

. operations are in comphance i

tomers dinxtly benefit through

. with clean air regulations. We Zyg

hand hald, computerized meter lower fuel costs, and our stock-intend ta market this new system N=*hr

'. readmg equipment to a successful : hokiers benefit through ne.v to other +'ihties.

ecua, employee suggestion program.

resenue opportunities from dis-SES PROJECT:

Together, they help us achieve

posal fees. OES Fue), incorpe

MEETING FUTURE i

PCAK DEMANO our most important goal-a

rated-a wholly owned l competitive return to our subsidiary formed in 1988-f in October, we reached i stockholders i manages the financmg ana

agreement on a maior project operation of the pmiect.

that 'vould help us make more j

A Gooo e kjent use of our generating f

INVESTMENT PLANNING AHEAD j

With growing recognition in { WrrHCOAL capacity and offer a cost-effective

} the investment community of With increa. sed nimpetition

' means of meeting future peak j

our improved cash flow, financial ; for our customers' energy do;.

demand. The agreement would stability and operatmg efficien-lars, we need ta rema!n flexible

pmvide at least 200 megawatts of ;

' cies, Ohio Edison common stock in meeting new envimnmental capacity from a propued hydro-f

. has emerged as a solid performer.

regulations while hohling down electric, pumped storage plant

.l Over the ten years endmg Decem-the cost of our targest operating to be built by Summit Energy

{

. ber 31,1991, the annualbed total expense-coal Toward that end.. Storage, Inc. (SES), at an aban-,i return on Ohio Edison common

we signed three innovante agn e-

doned hmestone mine in Norton, i

stock was 18.0 percent, comparai ments in 1991 that will help us

Ohio. The agreement is condi-

[ to the Standard & Poor's 500 devdop a cast effective, cleascair honal upon receiving regulatory Composite Stock index return of compliance strategy and ensure approval and participation by other ehttnc utilities 17.5 percent. In this time frame.

adequate supplies of competitively an investment in Ohio Edison i priced coal for our power plants _

During peak customer de-proved to be a good halge These coal contracL give us the mand. ehrtncity would be gener- ;

agains; inflation.

option of meeting ck an-air ated by releasing water stored in standards by either using a 8

I l

'-w

"#00%': ?C'?""*

plasten

??, YBi..:)

. x, J

N WS t113f)SPC Of

"3;":tT" 1";". =".,

r,%'"O "'

,37 a-(Megawattel n

b 9

'80 T39 BO '91

! a surface resetvoir through a to increase convenience and

! mine shah to turbines k>cated

$ comfort.

nearly one half mile under-To enhance our system j

Tn. eoendonee umestone mine nr e tm ano..en.o, teor.

gmund. The water would be in targeted areas we spent 7[p%'t7*"#

l pumped back to the surface

$114 million in 1991 on more

[,

{ reservoir during off peak, night- { than N)0 transmission andl 1 time hours.

distnbution projects that will j,

Sirre the $11 billion.

l ensure future rehabihtp i

j 1,;00 megawatt project is h(ated STRONG PLANT

in our service area, it also offers PERFORMANCE j

l a potential new source of revenue One of the test measures of i for our Company-fees v,e any electric company's produc.

j would receive for transmitting

tivity is the availah!!ity of its power to other eintric utilities generating units. And, by this

! tha. xide to participate Con-yardstick, our Company per-j 2

struction of the plant's six,

formed ucll in lW1. In fa 1, we y

25h megawatt units is plannni to exceeded our goal for the year,

)

%e i

begin no later than Apnl ;W5 as generating unit availability I

4Rhp and to be completni around the for our coal firal units reached turn of the trutury.

81.9 percent. Key factors belund this strong tierformance Were a OUR HALLMARK:

I g.

RELIABLE SERVCE continued emphasis on en'plovec i j

Mamtaming the quahty and training and preventive mainte-rehability af service is essential nance. as well as ongoing im-

=

to any eletric company. And in provements to our power plants. i Company. customer and empovee ocmcons throu?'

this vital area, we're among the Featuring the must advancai !

Project Reach have he! ped ker3p heat in the homes of hySl (H [he IndQStry [\\en though systenis available, a nts control ;

thousandG of 'DrTWees C1.#'ing the reliabihty of ekctnc service nwn instalhd in 1991 at our ene wuer eenson.

provided by Ohio Edison has

llurger Plant will cnsure the averaged 99.98 percem over the most efficient and economical vears, we continue to monitor use of its generatmg units.

ICUSTOMEAS I EMPLOYEE SEnvEo PAcouCTivrry our service reliability. [ach year, liigital, m!Croproct1sor IWed 9

we evaluate the performance of controls now operate two boders c

-ed o

3 Per Empo ee}

every transmission hne and at the phmt. The control room g

[g v

s g

'J

$h"

substation on our system. Our will eventually reduce the dependable service not only O>mpany's operating costs by

provides a distinct competitise i1.2 million a year In addition, i

advantage to our industrial cus-further cost satings at the plant

[ tomers. but also is a critical asset should result from an improved in homes where eketricity is heat rate-that is, from produc-being used in many new ways ing more heat with less coal 6

10

.se 'es 'so '91 "00 'e9 '90 '91

.,.. +

Y.b; o y

A

4

'M W

~

,M, a,t '

']

': y W

a y

%l R 3: lk

$ ' %&h &f "

y - '

s

_ + w:;g ',

g, y, y y l

.N

+

s Programs offered at this facility,

or convanv's

to make the smne amount af systems, we can more accurately envrorrrentat forecast the remaining life of our j as well as at the Ilruce Mansfield : comntment electrio,ty.

carw. rcom tr.

equipment and plan for repairs

and Sammis plants, provide

restor tm o, As part of an overall effort employees with more than

"$[,t, "~L.

j to improve maintenance, we a'so to avoid costly, unscheduled y

i installu! a new, cen.puter based i downtime.

40.000 hours0 days 0 hours 0 weeks 0 months of handson train-one ona n e ing a w.tr in hy&aubcs, control

. planning system at the plant-a

INVESTING IN OuA EMPLOYECS circui, troubleshooting, w elding.

j pilot project that wil' be exten&d j to our other small-and medium-Much of our success in lw! i masonry and many other areas.

sir.ed plants beginning in 1942.

', is due to our investments in in ad.htion, control num simula :

9 l The system traca required main-employee training.

tors are now available at luth the Empire and Piruce Mansfield tenance, helps identity needed Not far from our Sammis training facilities, enabling our i parts, detemines the best use of

' Plant, in Empire, Ohio, we have scheduled outage time, and consolidated most of our proda:-

production employees to perfect i ensures that work is complead

'. tion training programs into one the sk!!!s needed for the most efficiently.

{ facility a former school build.

efficient operation of our ing where employees can learn power plants.

i We're also taking a more virtually any skill involved in the At our Massi!!on Employet

{. proactive approach to equip.nent l maintenance. Using speci9Ezed operation of our power plants.

Trainiz Lenter, we offer stateof-i the-art trainmg :n the physical i; sensors and computer-based i

ii

l l,

I l

l e

k Cherrwcal tests heg2 octerrrune the feastwty of burrung refuse-de:weo fusi-rnostly papesr left Over gter reCKW-W8th CDSI.

0

~

(h

~

s *'

. g,

~., 4 4

l

'.g -.,.

. p

4. " - g _

a.

m g

UverToot Con

-4 Procesang Mc.,e suppher to the auto i

wr$ustry,is one of

. - ', ~..,..- -

M

~ " "' ~

1.

d'

g 29 Comparves that

- - g

(.

toc *: acfventage of E.

' ah WN' V'

our econorrec

.y g

devskapmesnt rates s

to expand or locat.e e

n our servce area w.,.ry g.

-[ '

]

s.,,

y.,

y last year.

g f.

g.

A 6' -

4

.h y,

I TOTAL FUEL COSTS PER MLUON 8TU

[Doannel 0

^ '

t

. - f,](;/ ',

(y y.

g g

hg e

v 6,..

g

&?.

.N 4,

g g

1 -

g.-

,.a

~

t g.

12 88 '89 '90 '91

^

.; and technical skills needed by

! claim in the future of their Com- !

! l employees who maintain and

! pany. With over 600 new caroll

! construct new transmi>sion and i ments in 1991, more than three Last vem we 5"=** *mer

.me **n mmo uun 40,000 run j distribution hnes, underground of every four employees now on-a-on temio n meas runoaw erom e eutatc n mantenance to

participate in the plan, saving 'm l

jl facilities and substations. Last wwu,r set v.

year, we added classes that help

{ average of 6 4 percent of their l

income. Emplo)xs hvested i

j out truck drivers meet new com- :.

t j mexial driver's license require-

nearly 51 milhot. in ;wo new i

i ments. The center also offers a options introduced in 1991-the !

International lach and Ohio l

j number of training programs fce j managerial and professional i Edison Common Stock funds. In !

j employees. We train an average addition, a new Employee Stock j of 1,200 employees a year at the Ownership Plan enables us to i

! center, promoting a strong com-

'. offer more savinp benefits to i < mitment to excellence among our i our employees at a lower cost i working men and womer to the Company.

Our training programs also

F ocus Ormue 1

emW

?

- [Q"j""

j play a key role in our efforts to seAvce j maintain a safe and healthy l

Few go 's are as important

* " * " " " " ~

phone trm;gh a j work force. Last year, persona!

'. as the quality of senice we pro-

"",on*ts Device T ""'"

Cat j injuries were 1.92 occurrences vide our customers. It's a com, fx t> = Daa' troOjeytwn per 200,000 hours0 days 0 hours 0 weeks 0 months worked-nement shared by everyone at mwemast vem.

l 3.5 percent fewer than in 1990-our Company, from line workers j and time lost due to sickness and meter readers to engineers l

.~ >

i and injuries over the same

and accountants.

i period dropped 22 percent Our efforts to improve ser-

['

h~

j from the previous year.

vice are based on the belief that l

We will continue to invest in i the more customers value our

[

service, the more they will use

~

I our employees-from the train-i ing we provide customer service

! our product to meet their nmis.

j personnel at our General Office And, as our annual customer I CASH COVERADE

& cowCN i tp planned upgrades of senice oP nion research illustrates, most SrOcx OMOEND i

j facilities in our Tarren, Bay and of our customers remain satisfied RATO g

N A,kron divisions. Together. these with the quahty of our service,

{

j efforts will enhance the quity as well as the value of our prod-j of service we provide our cus-uct. For the seventh consecutive l tomers.

! year, more than nine of ten 0

EMPLOYEES

$ customers gave us positive ratings

. INVEST IN LJG An impmved savings plan

! enables our employees to stake a D

BO E9 BO B1

s d

ae

-4,

,14! Q.

p

&y

/

9 s

1

,1

(

i,&

g.;j Sp' I

h

., p p x.g%

b sMk 9

N So=*

for our responsiveness to cus-

direct acctss to our service repnt

Desert Stomi personnel because areau.eteer o :

<** verso e,ea1 tomer inqu! ries and to senice sematives wh" in turn, are better : we wanted the electric bill to be en.racreatea one kss thing their families

.peecno. wet

interruptions, and for the equipped to meet the special

' year to civc,

- nmis of these customers.

would have to worry about. We value electriaty represents in cnur.cn.no.csw N'

their lives REACHING OUT IN provided the same helping hand TIMES OF CRISG

to farmers who took heavy crop

{

i SERvlCE FOR THE

. HEARING-lMPAIRED Customer service is an onga and financial losses heCause of f

A new system installa! in

. ing mmmitment at our Company.

the 1991 sun mer drought. allow. j April enables our heanng impaired The best measure of that commit-ing them to apply for bill defer-i

customers to communicate with ment is the support we provide rals until next year's harwst.

i t

during times of crisis. When men These unique efforts reflect our us by tek hone. They can cdl us toll free, using a Tektommunica-and women in our service strong tradition of ser ice that j

tions Device for the Deaf (TDD) area-as weli as a number of recognizes the importance of system that d: splays messages on our fellow employees-were each and every customer.

a screen and prints them on called to active duty in Operation COMMUNITY SERVICE paper Our heanng impaired cus-Destrt Stonn, we recognized the Althogh our primary con-tomers benefit from ckar and financial difficulties that wouki cern is providing quahty and follow at home We offered a

. for&hle service to our cus.

4 deferred payment plan tc all l

14 l

1

.j tomers, we a!so sponsor a num-i Our efforts to protect the

) Irr of programs that enhance the j environment range from our tire- {

burn operation, which helps i

! overall quality of life in the cxe treuen <>oormon two ower neighborhcods and communities reduce our emissions and elimi-i t= cca owwen o - -ytwo j

l (yvwrg covecrvmnt.at protworn in

we serve. For example, over the

nate unsightly tire piles, to test-tne crynnwt.o wo e.cm g*

i past eight years, we have raised burning refuse <lerived fud in i

combination with coal to produce i

$L7 million in donations to

support Pnvc Reach-a pro ekoriaty. In addition, we are i

i gram that has helped keep heat participaung in more clean coal i in the homes of more than research projects than any utibty j 3

i 21,000 famihes during the winter in the nation and remain com-mitted to cutting edge technolo-j heating season. And since its

! inception in 1986, our M ai

', gies that cui play a sital role in i Gram Program has funded ac.uly ; the future of our industry.

85 innovathe pruitos that have We also participate in ongo j

i educed more than 5 000 stu-ing environmental studies such 1 uw. tren taco dents about the many properties as the Ohio River Ecologica' WCNAUr*g a year' ha= ther phvace Research Program Initiated in

and uses of ekoricity.

I

~

'~l end tSChnCW M.dle

OuA ENVIAONMENTAL 1970, the program studies water

. et exc Ma===

quality and fish populations near i COMMITMENT Our Company is cedicated to seven ekonc generating plants n.'-

- producing ekcricity in an envi-i along the river. includmg our

Sammis Plant. Focusing on the i

'i:

rorunentally acceptable manner.

.I For years, we've tren a leader in power phmts' impact on fish and o

p

. 4 environmental innovation, actmg i their habitat the study has deter-j responsibly m manage and mined that the plants have no p

protect the very resources that adverse effect on fish communi-l sustin, and surround, our gener ' ties. Information from this highly :

ating plants-coal, water, wild-reganksi biological study is um!

life..and the air we breathe.

extensisely by industry, govern-l Since 1975. we'te spent mental agencies and unhersity l com og LONG-TmM Dw r more than $2 billion on environ-scientists.

[Per cent) mental protection As a result.

MEETING TOMOaAOw's n

wtl are well positioned to meet CHALLENGES TODAY h

hm 4

the requirements of the Chan The Clean Air Act Amend-C Air Act Amendments. le fact.

ments pose significant challenges 42 percent of our capacity-to electric utihties across the nation. And we are responding nuclear, c,il and scrubber-equipped coal fired units-to those challenges with timely will require no additional.

and resourceful decisions that major control equipment to comply with the new sulfur-dioxide regulations.

15 os oo so m

l l

l 1

,9. M

g M M F @g.- j l. ".. < '

County. More than 1,400 acres-- i i '

o f g (....-

i y<V]

- y k

f; some of the most leautiful land

~f g

[

~]

i in northern Ohio-will soon ir 7jf y. of f gg[,l'f '.1 available to the public for hiking d

[-

-,, [,% p.,4 h.

'~

and biking, cross-country skiing h.

7::s 4'

u and horseback riding. Named the M

s

l,

)

,.;t t f..

%g '

1. q o (*..

L i.

Edison Woods Reserve, the land is a

g,

9

., y 1

1I krated mainly in Berlin lleights 73

~.e.

t

,, g:

.?

,y.

.j y'

J.

?

4

y

and Vermilion townships, The gs t

..g q

'g. A.

l pmperty was to le the site of a i

,y. gy3

-. r p.

g.

,5,.

=

power plant that was ultimately

.4

'4

canceled. Soon it will be a first-4 rate attraction where people 3

,f i of all ages can appreciate the i naturalleauty of Onio's

,4 j

~

6

" North Coast" region.

!: WORKING TOGETHER

,I To none n

will help us compete in the years TO RESTORE

$1"$.7.,

' ! ahead. In December, our Com-v>

WETLANOS M7*cn o

! pany used a regularly scheduled!

"c" In 1991, we continued to

i L

l overhaul of a turbine generator

, move forward on an effort to

!l t===amn

' and boiler at Sammis l' nit 6 as oneosenew

.' transfonn part of an ash landfill i

[

tion,m octa l an opportunity to install new

imo a permanent wetland marsh,"

" low-NO," burners-another

Although it now stores ily ash j

! key step in our efforts to comply from the Edgewater Plant, the i

i with future clean-air standards.

! 65-acre site in Sheffield Township

$.I'

.' The burners reduce emissions of has been regraded and a variety

.-(

nitrogen oxides through proven of ground cover phnted to ac-2

. technology developed over the commodate migratoru waterfowl. !

past decade. And by acung By the mid 1990s, when the site j y

L.

47 l quickly and decisively, we will no longer be used for ash votars a socn tm eve avoided the high cost of another

disposal, the entire area will i

"" [."[e*[ C l outage to retmfit these controls.

have been covered and seeded.

c nY [" 7, Y M SERVING THE ROLE OF The project brought together acres or our inna to Ene GOOO NEIGHBOR MetmPar+ s-Ohio Edison, the U.S. Army i

Our commitment to the

Corps of Engineers, the U.S. Soil l

tuvironment d<en't always rely

Conservation Service, the Ohio

, on new cutting-edge technolo-Department of Natural Resources ;

' gies-sometimes it simply boils ar/l the surreundmg community,

down to being a gwyl neighbor I and it serws as a model of coop to the communities we serve-tration for the ncion's utilities.

for example. last year we signed a unique ikutsing agreement i

1e with Eric MetroParks in Erie

?wm#

m%c, m-y a w, m ea m.

w i=. %

sy s

o u.

.s r e-w, -

e o

s 3

h i,l

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[

g' ' Cy. k-. g 1 I

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y c,

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g s..,j~

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g W,,,,i^

(7

-Q f (

% :p(; r

g(h r.; j,f -

f ys v

9, pm(cy:v' gy j

.);,.

<z i

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t

+

n w# a

, y'y f

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(,

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._.... m. _,..

pam3.g [pm #I' dsh o,. 3 t FNANCLE REVEWs hh J

gam lM;49 a u

w.

p f:W y T4 s

s g, h N

^

sh:

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a u+

w g,:we,&w.r.

a, e

m

~

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h hh Ye

[h 1

" Tby the magmmt'of Ohio Edison Company,who tak Mb

. p, w-,gis.

o-9 s

U

^ IC$pOnsildlity forlthpint' grity and ob}e e

t ments wee papared in conformity!with genstally aceptedj

$$Z4 WF@iD, "

V g;eAM

b sccountig principles and are}mnsistent wjthlother finati " 9f '

l cial Wermation apperris elsewhere in thu reportarthst, p.

U 3@sw4 nt, L

s A

wseacoandepenoentpecmuntantsx. e m iwaregawcompnranm#staments gpg a

o

+

[JJ S' A>

i Which thepped on the recoverebilityfot the : V j a, l"f s,

e, csem, mene.

. ai s uw

$ky e,,

. [

~ ~'

r.

j:E o the Aud%mmittee of the Board of Directo Mm6i us it

~ _,

03-4

, ! ~ the resu}t$ SDd.Perf0UDanCe Of_0Peratirig units within tik: _. _

hkwb [

SNL f ' W Y

-l Compaffkadequcyleiectidness(andlrellahtlity)ff

4 Mg*

j. asunth's ad ap6tt% svens, as weWas maapal; u w a m~m v'

! andope.ating'.co,ntroir, r

+

f w

c gj y

%m ij Jhed dit committee consists of four nonemploys '

" J q]p..- @.

.y

., d!!?Ct0{} wh Se ddties knClude C005fdWation Of thd 3 del %]

]

m 4q.g i

e h@@h'dhhMbl

@ s :' p

+

1 qupof theintemalentrots:of thicompany and the

' m x

1 g~?Y

'l. - ',

{ objectivity of firianddjeportingiinquiry into the num,ber,i j.$

j 1 b Jellent) adequac (2nd YtMity Of regular _and Special audits (

"Q L

hd %.

a y

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L19M to 8n at the W of Mun ddu!M, ths Companier

,3 di$M sten @usiidopttrfil993Ms;dscus:J4in'nte1 to the; '

have optionally re&ened high<xd pidernxi and preference 1

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e with 373%

the end of:196 S

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%rm bank P.nes dcreditiand 512SS00;000'of bak facilities?

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p o e ng erd u a ngs m 3 m u nerm h as & & siae :

&}@h 196prircipdy;due td h@iker shbrt term tstrowing le dimetioWOEUapital also hulppmximatdy $25,000,000 cf

'vit i

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unsd short:tum borrowing upshutty at Decembet $1,199L

$$7heMestidutildfindstri (Md to inflatinaiy frek :

NThe Companief suistruction programs and capital. lease L

,S Mun$Mitilid1hhWEpiiim&dblah$nhr (ddundeLTo,

irslutiements foi thh peridd 1992;1996 ars&rretit!y estnad 3MhExtedt ths$dspanssidb$ddhnOAde haivo fio IMpproximtady'81,'AO,000,000 (hdading nuden faci)i P[

Messitus&HsithnfaMr intstelslindspated (

, ed wisch#pmxistely's26Lo00poo appiis to 1991The f

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IC$pahi&hSEsddidonalcash'requirsnbatso' ppmdnAlym M'MMirtyis!5M@C $ ybe%fleckbftric6dpmief blinds &ta iWittadiet

~ P 11l244,000,000 for ilied9921996 pcikdlo"rias maturities T '

.. E3$MNfEIMSTAS Nol106Mbploy$hich t107 erMaxmting.

" of/a6d dnkig fmd reqdamients for,16nktind debt and 1 4

ASMritifemebtiduelitMtinThan Mslor.s fpieferrdt andprfestd:e stock: of that imostappmxtinately(

j'

,C$ihnismssisc t)f k))3flNiastaidwill'requin the'

$276p00A0 aylim to 1992.

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ICssipsnies n Sdargp{~t'ie mshbl acmunting,for posiemploh, Investments br add.itiorial nudcar hel,during the 1992. ;1996 -

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fe e te b *PPmxist$ m_2,000,000;of;which; I

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apprudmatey #1tio00#00 applies to 1992: During theinme1 m

s I

$P9pmang%rt apponi m &rer the kwed emw ek reg pemasiihe capanke nuden ruet investments a e expected

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endments include provisions fdr mandaibry ; $

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in f

. Itapproximatelf $304,000A00and173,000A0

3Mw;thaeoremungieercosiiienentiof approsoite 7y speit!vely, sf t!ie n6 death! is co6suniedTilso[the Ma transmission ansidvhich soldd je6pardize the nliabliity'of thss y gnation, eiectricai netwertand cause the pe of

{$yWyss75 000,000 for the imp 19% pei$d$hich'apMiely [.

lincrease fdmost customerLThi Osnfanles adat abiE tof hpsilt000p00 klatedi1992Wrenpai*s nrsver the ms0 l? prediciwhether tb nmendmentsarirntly kinstonstered stih kp usm

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the abitaNittyf Ut6 pert {sidMicr

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{ cutinued suspmste of inminatim If mnstrucdon)w ici ?

hM hifirA m'dttgagebds issuabtsf

- D nsume during! the 199249%eriod[the Companies (cahltal[ q M${%m[1hdMoudjudtltNMk.wso0go; Ts upan we nst ewy ame aream= 4ua de %he waa me mmma$d sama swvgy curremly able t4iasue $76@00,000 prindpal'amduinf first idt that periodJlf uninau6n wem to ocdur and Qioitgagyknds AgainsQm'ious)heririd bonds siihbut thel JricossubleimmPUC jurisdicdorialcosiom$s[thsCAmpsnN

h gneed td tum the aMye restrktions3 Based upon saming forq:

1would hiYe to write off as much as $210,000,000 after?

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~~g%41 wcunty amt unempyment-i~~
, 9 14,494 14,126.
14,179 '
4; Wb.. C-L S Othet 3 D
--+- -
.. ~
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+
9,00) 7,494 7,804,
/pA.
) c,, ? Tokal genMaltuut :
' $217.7M '
$212.312
$1R104 '
J^
p m.
4..,
fn hk k
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W
<it w enuf py & R
+
or t s a
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1,104.
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jl,516) 13n -
-n
. 7,761 r
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f, Md 64 M.900 131,612
..s
+
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kk.,
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[
[{nVL$tdkM (&k Cred}t%[ $3tt Of glhWlht3($0fk Q776)'
= kR7$h~
' (Z$M9)
+y awr y..
^
~-
+-
QAM g
, Tbtal protMon for hxw.e tuesT t 817),735 i $17M4
$H1h%;
L
%p#@N u ;
aN fM
,L
? Mu Simum QassirleAT10N Of PaonsioN For Mmt Tms 4 g/N, hintingince oi
~
3166,684, 814 372
.S41,280L g}M 4s yg" e W> ;,~omensme?
.o, m m w t..
D 7,04%
1 m.
. $J12
. ' 9.4 1
h MIN %W%hl I A75.735
' ~ II?OM4 l IIN% :
TM, m \\ pan.;$. pdmsotats Of DrnmnTanmNstc 4
p
' ~ j[:(
.,1 hK(t $Cfl$I %{fh0kdtpf(d] tan 2 0
$ $s,$06 86016-8 68,35)
,Sp WMiktef fuelcosts neN T.' $,! g
% +M(7 Y M i Amorunuun of delnnd heerest micased nadrar fuel '
(2,455) 0,760) 4M;
+
4
,W (4 All5)
(5,017)
. (10J13) W h"
g imM msta :,
y',
g pj%q 4
.5,497 8,821'
),230
+
4 y.
p %*g,6 Lpny tues ?
50 (337)
. (26,731) f(t52)
.c tio3n,l4*'i
~~DefmaInslenunacatf o.~~
V..
f(2,218) 44ms s
WMqrN J&rence bencen tax smilook.reveme, W '.
(1R,292)
($,104) l 13,72)
LR M
W"1 ? Allemaue r etahum tax tseda udllzed (detmed) ;
' 29,749 8390
- (35,973)
$U b-,'M.
b_- (6_,4 Al).. _i li61 -
' $,251 '
f i
f Ottwr;nct 6 <,
i
' i i l
y'4y-g e
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h, hW EmToTOM'PRovmodoRbcomTmsi@ %m0@W MM WMTQ M ATMt.Wi NhMN Mr? jp$$
MDX l '
N $y$ IWk inmur tente providen for tuome iim
' 545s 54s sA2.4ao :
'si1Us2'-
,y fj
. fedtT81 NWDe lM t1KW $! 81&M68Y f8W J
$l49.106
' l'",$43
$174,IM'
\\
bg" p, ' ;incpar peducuans).lu tuo multing from-i 37A65
~MM
& ; fuus d bok over let depnedsuon ".
? 30,04$ -
24,M L s
WW yq-1 ^M Amoruntimid instment m cminC 3
- (8,284) 01,14 h (43,826) 4 3:
O
)hi[h j $$%N
. Rn[4d anwuration d deferred income tuts =
T5tatt imune. tuts net of (Waal income m teneth -
7,925t 1,169 5,920 '
,'t~
((I$360) ygpi
>,m V00erinet..
m-
-y p-,
- m e n
i t,947
-0,869)
' 2349
/
C TotallaoMan for hNume lues b,'
$173,735 8170,844
'815Lo%
i 31
%,. n a tt7 m
g h h hD$(
hQ$
hhQF${$ $$ $Q lQ%d lh[l$MhWh[j.
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Ore &Y Or h @e catolidad financiahtarements indnde Ohio Edison costs spphedde to their owsmhip and feuchold iniernts in -
% gCotypmy (Company) arvi itnhopy owned subsidiades, Perm-K nudear generaung units as a camponent of depredatim apse.
9 @yhmia Powet Omnyiny (Penn Ibwer), Ol$ Capital, lamrpa ne Compatues'shue of the future oldgation to dam!Non W f (nied(OE$ Capital) and OES Fud, Imorponted (OES fuel)( All thne units in turrent dollars h apprmtmately $240,000,000, f_ % e 9gnifant. Amermmpmy truswilont have fxen eliminatd The -
bued on estimates med in tk Companies' lut nte filing
@ fCompany and frnn )her (Compmics) follw the namnting Amounts remvend ima customers e invested in external trust p %hdes and prnices practibid by the Pubile Utihths Commisi funds. If the actual costs d decommhrJoning the units exmd g' ((sion of Gno (r0004the Itnnsylvania;Public Utfilty Commission.
the accue dated amounu recuered fmm stan' rs, the Com '
e L
PPUC) and the Ft*ral Erzrgy Regulatory Conimission (lHC)J
~~panics ape that (Mference to also be remveratie from their s~~
SD 1 Qrtain finandal stateident items for periods' prior to 1991 have custaners, M
. 100W0N 0ntRsmt or GmnetNo lkitrritr-Ths Campa l ; P [ilmi tedassifld td ochfonn"10 ttC991 presentation <[ lap #s-%iCompank retaihwt nics and other Cantal Ares Ibwer Qmrdmation Group (CAPCO)
H MW s cyde bastslevenis is remgnhed ki entris service basw! on ownpr.nles owni as tenants in emmon, various power genentt
$@h ? mhtch nid thrdugh t! e end of the monthl the mnstruction oosts of any jotally owned facility in the same Ing fad!! ties. Each of the o)mpmjes (s obligatal to pay a she of ~
tRecsables fren customers include sales to res1&ntial,'
U%hnherddland industral customsn kbtid in'the Conipanies propor0cn as its ownership interests %e Companies' pordons M
,y t
3 :senice ma and wa to whanaw custaners. nere wu nr opmung apena usocate ah muy omd faccenru '
induded in the corresporing operating apenses on the Conniis 3q
[k[Ninaterist cokeentradhd of AbNes at tenter 31,1991 ora h
1999 Mth respd to any putletdsf segrherit of the Cothpantest
. dated Statements of Income (see Note 2 with respect to tne defe M
F s,me w i 1
% 1
~~ni e Pery una i ed scaver wiey una 2 eta ne amounu :~~
M9h[n% fuer liin ths Tsal year [6f a four year phasein plan.
reflected on the Consolidated llalance Sheet under utility phnt at :
p d
%d iddimice betsmi anssa actbauy buted amt romues December 31,19A, indode the idlwing+'
[f TMN1hs@uId have bech bWed alaent thFpliis6to plan was recogt
. - *L*8 o=*a*
o**
~~ao,-~~
%t dEWid,d ss Ad&u6ns ardd'rmnue fo. r firandal nyorting puri
%1 o
3
.. ~ -.-.
~q 1
.~
. 44-beau 6w
~~wt m InwMJ-E q&.Ncotiedeii in 1992 in <onneconn with the pian ; amounted io, L31713#1 16835 ' 8 13 %~~
M %'
^;
th O
1"$ M MN, t M
D*
K kd * : aysiimatdy $19,517,600it!)echnkr31/1991% f ' '
NS8mW7 m
hh CW5 N e h a$esyM k h O M rM g
' 727J00 :294,lDE 4,100
$068 L N
9 1 otherwise indudd in inse nms imm retan customers. through
%,, vay Q jseparme cridgy'rateQhy'over or uhad s!kKtita nsultog
~~1 **t &~~
IM8'A ' RLM L MW L J 4U1W M #1 ** - -
&: g]4.s tWo;sratibti d thee rites amindudd as adjustmends dit M
p :02,W i 139 300 1M -
-)S.H E v
1,4
=
- m
..a 4 m x~
u Common IMM' g
subsequmt energy ratesAmtdin' gly, the Companies defer the.
y'4' M.M
~~EN % h M~~
$ yiQ&fferencefdnen derhl fuel-related costs tactirnd and theE A,a g,gaggfi--
' hweanu curtsatty recovered imm their custanerscenmeywram,e
. w.mreuden fua nm%no-J
$$4 or dal mst of tanhnstinniinduding payroll and rel' ted
< which indudes material enrichment, fabrication and intenst *.
h dos @tdudstanperLoiand~omerfringhbenstatsladminis-a mm im irred ptor to rextet kud. %e Cepm*s animthe the w angsnmimsu,s mst a.nu*u fuei baan the nie e mnsumpoont %e ce; t
g%[eggg(ipiniesheieerillyirovjdMor depith MS fdnstruction AFUI4,
prorfunds usadudng panici electdc rates indude am6unts for~the future d! spod of t
N jneM
- spmt nuclear fuel based upon the formuk used to compute -
g p
i,gge,,ye, Me 9 g) payrnents to the Linned states Deputment of Ener>y gg {propert@ndsded inpant.in'servick 71@ annual mmposhe gqdstraight:hnelrntes Ad ekctdc plant;were 31 % h11991 and 3,2 W d 9n w90 md i9a9; rig comper receded teriednion apense N6 ;$ppluMe to Pnry Unit] on_a units of production basis during
[h i1990nd 1989fas authorind by the fUOkin 1941; the PUC0 W huaiarsi w compmy to: ros us deprehbdon method for
@@rpyLUntil from uniu of products to straight lina This ri 'l-
@ ' Jalon had no malerh! effect on the total pmision for depnslation Mj@rMtinhome for'ltheyeat cu l, mm.
NWMs ; J N-A
%,,p /M
[gy g li?O.
~
' M~r
+
lhMw sm
. ^.
q o
m 4 ~. -
ri 3
4 4,
4
. se s
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ir vr.
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r+
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yJ i fm
% Wl' f ' Qu f:W;w '
c N
WMW, ; N:ryss contium17 p" Y t>
4 s -
4 MW5{4,Wf Allowet For ftwa Usta blilNG CmrtiEn0M-AITDC (
leded imm theh customennrhon the tues lecome payableful j
ut.
i
$W 89 nyresents finanddg inscapt:ahted to sonstructkm wrk in i asset will be mngnhed for that probalde future twenueJ The >
$, h pA*ngsJCWilphirty the constri1Aoii period, The borrown!
Companies are not requimi to adopt STA$'No. k19 untti 1993.l T
M3FM '[%i issM@otti6n spresems the noncash capitAlintion o Aimd@M capWimued#sts ard the -
llowever, ti the CompaNes had ado;f.ed the standard r,a of in N"
be cemlir $1l1991, total assets woukt htve imremi by stppnub i
J Wy impu1M tysty costs / Art!DC varies sccording in changes in the mately 31J00M000 with nmnaticial effed to M hicome; hfMR levd of CWir and in the (9st.of capital..The composite AFUDC L RrrientnT BtNfnTs 4 aanpases' cumced, tioncotV y
hRh Traics{sdudsg nuclear fuelinistest) wm 9.W,94% and ' tritutory defined tenem peniwi p! ara cent sinut all fuBJ d
74wp ug if igl[1990)nd 1989, rtspandy: Caphalization intes ;
time employees,ifpon retimment employees reaive a monthly 1 e Qjg$ Y1991,'199%n1195J9,respectivelf " ;8A% s' d9$% in
!for trust on rtdeat fud wen 64%
n pension tesed on length of evke and compensadonyThe; i ~
p Qanpanics use the projened unit mdtt method for furding ;
,m y' 'wo UlWWNDett'Is of the total provision for income
. i perpses and wem not nquimi to make pemhn conm'butions i %
Q $k tue9 arebh M tambdaint Statemems of TuesLDie '
- during the three years ended December 313yyli Th W Tdderred ldun d6 ult from thning differenms in the ntog-The D110 wing sets krth the futi&d status of the plans andi ih{S irihl6t[of revenus and expenses far tir; and accounting purpon amounts recognind 6n the Comolidsd Balance Sheets as of a
3
$@g% Thelprodsidn for indome; taxes its_1989 induded smort!zation of -
Decauber 31r i
! ? spproximately $49p00,000 of.deferrt91rmne taxes ard thiiest{
j_
g y~
$fyy ment tarired6(lTCDs authorimi by the PUCO?All othn ITC,
= on s.4 Wx Mehldiwas &fernd W utilized,'is befng'amortbed over the
~~'id !"8~~
d **85 ***
' imAzt suWt; W 4
shV[NMMuthdufeh!thdlawdpropenys fi
. **l l*#"
2o3e 4
i
...~ c wwwinau..
... nw' U RU,,. Y dtir m. ' -ane tax purposes the Com' antes'claan filmhzed '
r s
somt -
s% Urn '+,
' wM uk Wonn
.mn.>
. ~ - -..
c.
~
r We W dtfreciation and, co: nshtent wlm th~e 1 ale treatnient, generally -
' N Ob$
Ay
' h" *
~~o h$M M,provid.e d,efetted INdme tatAs.lhb Compaths expM1 that.deJ cw.o m o mwie wdrwwu sum.~~
uw mtn N w'e dm
=.
fer d (H00md 13Ms Whld) h1YP D0t lxX:n pr0 Tided Wd} h0 00k - L e
w e
22 m 7 min M
Q from tlElktinom,sdtien ttie t, axes becoms. payabl.e?-
tw,,en=d p w wre es m
%j.,7%bam!uponLtheenabhshedystemakh.gpracticesof thePUC06
- - =-.
s.
x wm gn a
= (g34,
%sk)M ppg
%QM W3n.
is m Mthe PPUC shd the F1D of Danttr 31,19pl/ the etwndative
- t%e um m p3w.
Sg?D$nel incon e tax &ning diffeichces for which &femd Irmne :
~~suwf '~~
N wa nm -
h{!h;;hda@ hap nm %pm%m appmimately.850WO0i 3Qh%The Companpave appmWeh)l4%0Mof aheroattve '
ne gn; of the hhns comist primarily of common stocksi q

n h{gf[p tms papbh%ysvaiblie W$ future federalincome1, yb gmidmum.taxfred
~~OstM Sta*@i three years enled twunter $1l~~
'Enment Wdsktpon by>
h mdits ng teernedidrwaniWdinitdy-
- tion costs for th b
h Mk @heynandalAmuntingStandanhBoard@ASBKuned:
doniputO foHA'
~
~,N E O 75tatement of Tmancial kcount!Ag$sandards(STAS).N4199l gph Q$odnung foi income hud' which, among other thinp, a
.'":. 4,,d
,f kh MMms a changejn $mfthod dsedkenterptbes to xxnunt (
w g% %,
r deferred irmne taxcRUnder this sandird; deinred income '
- the tard '
1921 ' s dias. 's aus c J
$4 gg@d habit! ties isust le rd6gntzed at, the stamtory income tax i gk%gt F = hmic*
t"wm * *
~~RN.~~
>Em.
M i
3"* 9 met
. Utm) pq. 7 otwh k
4tesin'.effed. whd the habihtles am
~~v. dard a!so requires ncognitiond.. spectedio le pald[The w,,q m %.~~
..--- - Os om 4 m grya
~.. -
-.. -.., defer,re.d tax 11ahlbty for c stan a
phfhitiMditsithit lune pmioustiten flowed tlkough to the ?
' * ' ' #9 OMFQxnpanies' custome.rs sad ali asumed dektred tax !!ahility The assumed discount rate used in detenntning the actuar'lal :.
gN a phcable to thd equity component of AITDC. Sine the Compa-
- ~
w
~
% Ap 4ap N % <Niesspect mat tiie a&ittkinal dekrnd tax habilises wIll le col-pmmaalue of the1ro}a;ted tenefit chtigation was 9%'and e
y,9 p the usumed rate of Irma in future compensation levds used '
yy.
.to meamte this obhgation was 5 % in each year. De asmmed hkhfC f' CTpected longterm ra'es of return on plan assets were 11% in
@gf 1991 and 1990 and 10% in 19891 4 -
g 4
m{g i
1%g
?? NU,4 >
hk y
g[m$po%@mAh>g,v.h.M).
ft L
p t
w
=
%. z M M,Nh 093"
..Wt g4',
w iw'
' ;g w
q; s
c cm a.
,IU "
' ' I;
'f 4
l,$f 'hi.7[#
L'
+-
y p' t',
'j
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Y,m,4
'O a
g
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[)k**u, ~

w 's
p
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~#
.7 g
np
, w yc
~,,
~~,, j p.~~
nun amounMynmntrb the years ]M( NA 'and $$ sp(sdp O$ud cMuntichd
$gg t$ylife inwewna remed employed in sMtion to optbnal paper tramaciurg which are wileded as long-tenn et on the
/
antitutory treuranoma:th me bendh which 16dde cmsolkbted Balana shms (w wie 4c) but have initial matu
}gg iertabi emp1 byte dalstiydand sopsynients, are s!so available_
rny periods of three momhs or lea are nportal re within j]
~~k;. retirot empbyees. their depmdtp and, tmder cata!n dri thuncin3 aahns under bng term delt~~
^y_mnsecen their smivorsAc Companies pay Insurain a'
g % pmniums to rmn a prtion of thest bencres in excess of set 1IWN OrKittm umOm
^
s
._ The roco authorized the company in ser nonruel opia-c Etunitsr41 ud "ts up to the amitde ped b 2
k # hpenseimiaak(wnh health we and If)y the companics (nsurance kne.0ts tion and mtintenance costs rehting to Perry imit I from its 10:
O sum date for rate making purpsca until hMary 2,1938, d
[kp "' if6r retireedte charged lojncome dur! tg the appikable paymmt wt cn Ivtry < prating costs were recognized in the Company's
~~Lpenadsiand amounted to $8,280,000, $7,255p00 and 3~~
~~y f359&(OHn 1991A990 and 1989, revectdely; dettric rates. It abo authorind the company to defe nonfueli~~
~~% The FASB has hsued SFAS No; l106,"Dnployers' Accounting ' opemion and malmemmyspuues, depredation apesser M,, 7 for kdtttiremes knefitf 0therJhah Nnsions,'Vwhidi modh~~
' PNFrtyines and imerest ape 11se amcuttd wuh Bener hlley A
[ fica ths method 16 be dm! by enterprins 16 scmust foi other.
Unit 2, from its commerdal operatkm date until August 23, U [ ' y poskmpisyment tenefus2 Under the standsd, the Compmles M whm these costs m abo regnized in the Cancar#
7 will be regalmi to regrdze the spected sdof providing g
~~electric ratesghe Compariy also began to collat Perry Unit.1~~
>+
7 and beaver Wik Unit 2 &femd cwts in connection with the -
QN j;postaployment hmefits to emplhyecNthd ther teneftdaries
. August 1990 rate onlet The POOO ha authwiznl the &>mpany 7
9 $trid hovered &pmdents from thktje empkiyees are hired until S they luome chgible to mrive those Idneftisl The Companies to defa interest expense on acctmtulatid haver %!)e) Unit 2
]A 4
]Mxbt to adore this stan$d prospectively in 19935 Bued on --
defemd usu (adeding previomly &ferred interest) whic![
werd not induded in rate base in the Augusi 990 rate order,(
y J.
g[g7 currmt plan demographics, it is estimatedjhat aanbal pstem 1
c until the earliar pf January 1,1994, or the date artsln in the :
'LJ pkiment benefit "expendwill tacrease l{gproximatelyj Company's next rate amec L1
@]1832h00,0002TlW Con $ antes expm to rek regulatori appreal l
y to Merlths increaus! annul expense resching from the new
_ As put of the August im PUC0 raw order the PUco re-m
'WMndard fefulas deako imm' customers / Assuming sudi dmd the amounl of defermi Beaver %!!ey Unit ? cmts which /
ge could le revemiimm the Company's catamers. The PUC0 y
.[y ^ > 5seitsprebied, t!s Companits wmid not crpect a materid s
hyW mg@
g j denW a rehesring on this bsue in Octoter 17)0; nerordmglyJ
'W
% MWiwsP MiNth$$wcQEarni' p pershare the Ommany wrote off approximately $27,000,000 of pmiosly
[Mdedmmod stod(Wmn on the'Conschdated Statements o n
&ferred msts, which reduced nd inmme by approximatelyl.
IlrioiricWuch dSheithreA yers co%d Decemter 31; 1991, (817,600#00 (!2.mnts ps stiate of common stock)in the founh p$p 5%petedjs/sildirsM kscom quarter of 1990; The Company;has appealed the PUC0 dedslon.
4 j y" w
=,
m the ohtosupme court.-
h[yt gygq M9mmmgdh, i chm,wm bIJA513[y f~
q? s home p r _
s The Companlfs lese a prtion of their nuclear generating :
T sMm im4W 1 s%Q%
N@mv +p@peu,6nM lfacatks(certer tmmbstm fad!!ttes, canpu'er eluipmenti f-w a%=W just inu@ c pwgl s
omce space and other pmperty and equipment under cancelaue
%%tmtate%c
.g s
1 M d %***f!f"8 % x ?
E.
i smd noncarichNe leases ~
nos
$99
, ; in 1987Me Company sold a portion of its ownership inter.
g 4%4g ' j'4ssnf b,f9 6, J @ N d b, M M
~- M. m ku
+
cst in Ittry Unn 1 and Nawr Wiley Unit 2 arid sinwitaneously y
hfv$
E emem!!nto opcmsg kases nn the portioru sold fu tasic lease,
L MbmunromdT-~~K n# ~" g terms of appmxlmatdy 29 years. During the term of the lesses t
V$
. the Qxnpany continoes to be responsMe, to the atml of its
~
l p $@, am. N, hand with an.Innial maturity bf three monthsOMAIvosWos" amibinw! ownership and leasehold interest, for costs associatni rlatM
$f gjnwstmentsprc with the units including costruction exnenditures, operdon h5 arc iq$rtedlas Wh equidlents on the Con?414ated f k [MDeance Sheets The companies rt<ord temporary cash inve 3'@_ments at bit,%hidiappnuihiates thesi tharket valuei Nmutsh jsK fir $Eing 2nd investlag activities hic!udd capnal lease tramac-pguons amounting to 310AM,000, 8858p00.and $28 AIlM0 for
$e' W
~~v vu, lhhjif' 39 l+~~
'y u
QN 31 bylW h 7%, qR i,
pp j
i q
a s
g,s g g+. ~ w,. ~
. c nwww a
3 w
=
'M g[,+ g a y* 7 e h. m m n. w$if,wmv ;+ n m
..c W1 r lM 7b'N 6
~,
[ rM V /r W&
wgf b y,'i;g Y;' %y ; n q i)?
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,e1 oq s=
+ '
r t
s
. y ao o
.h % Q k & $ lh.l,<a %$& ' Y ?m A
n qw mnem.-
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r :we
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[
=!
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p f,
s p.
y
' %h i fand malmetrMpbadinsurameM"5ar fMioperty.
During 1991,263,252 6 hues were alkuted to employms with ;
s a
,3 q
yines and demmmissi the mrrespanding expm n@ zed heed on the shara do-go#wgggg;oning,The leases provLk for adjustments h
nun b d W Mbid1btal ESOP relatcd mmpensation expense for the'
{[%j tmit 15;w terms td renew the leurs for up to3rgers neg diangne Cspany hu the righ year wu eduked as id65*
%y $m w.c h$lghapc leve'ttnn or the tenewp urm (liclected) for H Mpairi tho bas the. rightllo pun:hne tile fadins at the expb M *eNu 8 W ** '
~
ircmime.
mm
.$ghgpatkMyhrkehal,to the' fait markd value of.the fx!Wes, he ar=1ida N Jt?M;'d mm-mmpma % e gnn f[B;Mg li@nst> tent with the regulatory treatment,' the tente W
8 OM* ? !
fmehts for c@ltti; aid operating less are darMd to operating p g g g g g % yg g en m, yperses on the ConsolkWed Statements oflamne. Such cc:.tsy (, l Mctd on the OmoudatM Steemem and 15 % rdks of pderred sie have restrictWu ptvenung ' -
~
s 1 - -
erly rdempdon through new issuaras'of saannes having >
y
& C s jqm ended December 31,1991j are sunimarlzed as follows(-
herh himtMMMM M,LT
$g gw@., m 6N
~ ' ~
E "u
series tdng redetned he Company $ 8.45 % series of pderrWi "m
y M"e M M nely r*mpsipovbon and W 3,20% marketi hp + ' '
pg g]tipmunglessc $inlk*O l
] 6Jte 4 4181
~~12.01%~~
~~auC!!OD preferred $10d $0ricC haf 8 restrktion itqulfing D0tidt'@ Q~~
.Il&4V 8130,128
- $1)0M8.
4 AmvhW m efup
- au %w w "
o 1s.iw :
7,9u 9M9-rademption to be gb rn at the beginning of an app 1kable dividen. d !
"g%
-4
< ~,
. td walpswim M L sgi.450 isi45.$n sn2M2-perkd. All other preferred and pdance sto:k may be ndeemed
~
7g,
% g3n. ~ futum minimum le:;se payments as of Deembir $t ln uhole, or in part,- sth 3:1 cut 30 days but not more than %
~
NM SThe
.o,c a
% )g h, ] y"k >g 4,
60 days n6 doc. The optionalitdemption prins teown on the..
~~g <ec 4~~
[k, Con' ohdated Statements of Capitahzation will decune to eventti.il c s
q[ l t ;,j yys min! mump per share acording to the Charter provtgons that :
g mg ey m
establish each seneA b
9 [p g 3 fl%, E
. on nunen L.
~,..
. 00hyrmo ANDPitfTERENCESToCKSmyttiToMAeNit*Y? < '
'$17J49 8 114,1c q
r
@i 3
n g"
' 1683 l 114Mi.
fem 0N-Artnual sinking fund prodshni for the Compa+:
~~' y?~~
M 19y6 :
us,i" nies' prefend and pdm.a stock are as idowth
,4 y
w g;g
~~EtW5MR '~~
, t Wm huh-o JE"i ~
gg p:
m' nua.
h-j
, ( 218.142 :
IHMM6 biered 5td 8M 50m. symW &
> 1997
[
h;* Q[,0 denb_,ed,si_d,_ m.,.
i 135,01P L 2436.177 ;
' MW -
. I m
n
- mem., se a2ss; w_
pya m
w c
W men W paymm;
.g y n, $ d 2 % [ %
163.33 -
mimaa.
en
$m t e ri e
t e
m
~~ren h.~~
~
& ag g AQs W psyms o ki l 16J A!! -
I!M%
4A0 Jamry l '
"mi T
h ~g@wporoonJ V $
m 3 43 %
LI#
.NN iN A
195.1n1 inws-3200
. My is -.
-to +
[4 ; [as s.kSNialue_of trimumalesspannenth,
. u m)%
3m --
pyt M
+
r.m (hD' f% L
.U8 CNonmrrett pruon4 ' jg,;,
~ ' Aptd l LIMO 4030 %.
10050 M yc,s 4
4 00;012 -
4
~., w u, %, o= %
wi% d K L>m iV.* "
. Preferred anri preference shstes are retired at $100 and Q%p;CAlmlR.AT104 U
$1#00 p>McMt% pmd @M %%
4 n
@RETwtoimm s ndertheCompany'sindenture,the ing fundjequirements for the next five years are:
W W
4 4
x m..
JMy s Vampany)sconsolidated r.e6.Jned earnings unrestrkted for_ pay.
?* D 0,M,,Q: ment of calidirnedon the Com'panyls smmon stock wm
""~
w sum 4
3390,040$. o00 at Demmbet 31T1991; J
ms 4.tx
w
~~w a~~
. ~
y ag.
pQ Emu S' met 0mmJW-The Employee Stock 93 g y -_
4 ph Ownership" Plan Trust]ESOP) was established in Ortc'er 1990 to -
is 5Ja m W +fudd the matchfng contributi6it ta the Companies' existaig 401(k)
~m
- Amoun;s shown above for 1992 indude 8400,000 of pre-1<-..-m 4
W :sa. vings plan:
i th
.All fd. time employees eligible for partidpation in fmed stock opuonally rdeemed in January 19R yu 3, e 401(k)_savt. rigs plan rs cove. red by the ESOP The ESOP bor.
<m4 m
m imo TttM Dtgr-The tsortgage and their rupplere6ts, 3
%m c o. :ed $200,000#00 from the Company and acquired 10,654,114 which secure all of the Companies, llrst mortgage bonds, serve w row g*
r
- shares f the Com'pany s. -common stock on the open market.
-o -
as direct first mortgage liens on substantially all property and
@hp franchises, other than spedfically empte41 property, crened by 4
_go the Companies
~~t h4 33 g y4j &.i A ma gya~~
.e, nn c.w e,
l ew - -w m t.
e I
A 1 - '
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h
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ksW y,
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m Yk Q @(R % +f$(fC. y ;
+
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y)
[(f [u})
~~n > o,.~~
i L h!* A '
g ~
E<
' 37$f thd on the am[omt of tends authenticakd by the Tnute Nudear fuel purchases are finanel thfough (N isstumce d -
(
m
.er :...:-.
a g
M thEq,h Ib mth 31 J 1991, the Caopand ann'aal tinh6g rid 013 Fed commerdal pper and lomt, toth of whkh are sup-
}h@@F$O;ksn51 fnl m}utmnsus for g laids issued uni pned by a 8425,000.000 bng term bank cndt agmment whkh nortygs amwty to 831J3,l/4 The Company.crptyts fo expires Mardi 31,199L Accordingly, the commercial paper and loam are refkod as kog tmn d4a on the Cmsutidatcd Datace i
jy@7% posit (drids in 199hhkb wl!! be ethdrawri upn the surmd :
6 fd W M W M M 6 std Q m.
MOES hid must py a fadhty kt of 3a6% on the total M MarngtifdtilfsOStkaisd fcr sud purposes apost unfavidt line of credt and a cornmtmat fee of 106% on arr/ cousal t
M pa@ M&ty jor alpimi prn%usfy retired tendsThis smount
/, 9 Mmednican muh in minorWresses in the amount of the *TEmuthinUng fundMlub i M h M N Q WuOfCaut; k 1requiremmts in 1M2 by centfying tudunded progny adds Shme tem *p wtstudiq at hk3L199L qMR tionhtt'lY62/Wof tbs required amoune tcPahted CIS Capital &M whidi is swed bygner.
i@ j Tst6Bng fadhquinsenis is certain sies of first mord
, amnts mm W Cap]tal can lomw up m,812WE
<c
) bank mmmerspz@ W Caphal is m[uited a
%dgags 15ds arid maturing long ierm"ddit (exdudingapital
@ beases)foNhshekt five years ares
~
i
.m 3/20% on the amount of the entire Anancelimit and 7/20% on mt...
%f2
~~777~ %why the amount d honowing outstand 6g The mekaldes finadng '~~
mpy wm M n
101.1%R Espemmt is currmtly being exten&d ori a month to, month -
M
[hP M$!
S.
jMk Itasis until a new agreement is finallml?..
?m m r
..The Companies have lines of cmbt with dohtie tanli WW s Y &W
$ (7+Am. ounts shown soove for 1992, in. dsde 51,048,000 of Drst =
- thal prside forjormwing of up to flE,100,000 un&ir Yahous'
-m
.m ty =~, - -...., ~
L Q, sj :
=
=
(nte'nW rate opnons, Short term bornndnp may be made tmder,
$ pg mortpyluig s.pp&cally redad inpnuary,1992.The!
th M sdE Companies' u:'securnbotes: 'ib
~
ps ydghted nyenge interest rates shown on lthe_ Consolidad $tateK 1 anwe the adds 4 dee h*s, d@pe's se nquid M
g (mts dCapnabde relate a koge & mMg at to y conimitmmt aes that vary fmts 1/8% to 1/2 WOf tlkr$
MybIkCmd"#M991C MUf?!
O O'uson' core tou! lines, 850#0S00 erptre in irril 1992. $20,000#30 in JgggThe Compqohifptions to nyay n pil n
f SMA0 in Decemler 1992 and the teniainder)
.O g M(ggral nm;ge tonds are muwd by racr;d @ ser O
4-,g,
~-
dIsa i @h ds and) r,ome dases, psubonlinate liens on the re tees dassifieds long tenn debt on the Dowm!*r 31,1990i
?-
W so.
m J Appmximatel'y $'148.508,000 of shorF' term borrowing has -
inar $ $' @ 'MP* Nz.M. 4 y
- m :
"d "*'
I mas 9f trMu( 3M,412pfATo.th. e cent that drawm,,p are made.
06molidated Balance Sheet m refktt the repyment of hort-e f.
y.4 m
.s~-
x-
. term bonowings with the proceeds of a long term Anancing -
ph letid_s, f credit to pay p%dpt ofJorinterest onii
> injanuary.199L;,
s m r WMunkt thow
-- - - - ~
AbwdeprAlutlancont. yenue hands; the Compny is' entitled to :
~
a m
me_
hbhcn@kr%@~Tli{ Company pays sii anmial fee of b (JcampTs,Gtems MD CamGmcmq a
s a
$]ppmely gQ dq smghts at die !ctters of cmid 16 the -
4" Coumenow PaoanA%The Companics;currmt budF g{, QMQf@frid js Sy;sd to felm{un the banks for any L 1ssuinglyd.s
> famasts nflect expenditures of npproximately 8h540A00,000
mmkg f " #* '
- for property Ad$tkms and impmements from 1992-19%, of y~f " gThefanpanpJs pyyga currmcp exchange agreement to,
which approximately $265,000,000 i$ applicable to 1992.
M QNa }emtial risie arrdng imm exchange ip fluctuations Ibr The status of Perry Mt 2 tentinues to te under renew;
,w
' Mpymmpofinteretand prindpl e hs Swiss Emne Note,.
. Currently, no significant work is icing rerfanned on the11nitf i'
$@4 Sk S1,000,000 prirpipt amsunt (f44 A00,0Y $ &e May 99S and the Compnies do _not capitalize AFUIC Until nylew of the,
$ndsthhcurrency mdurige age ihe Company acd thei status of Perry Unit 2 has been mmpleted there will be no dr (7 itles under # notyln the enntd conperfonaarke by thq -
= imed schedule for hs completion; The bon,struction estimate 1
thsj9924996 perhi do not indude any amounts applicaule to M. j g q pa g y g ani @ p r m $s W gaton %
PerryIJnt: 2 If construction of the Unit were to'be resumed c 4 ppnent pursuant ythe rgreement and Mold have inatisfy 1
p[p%@p6:'rse in effsct si that thr,e) "y pu'rchasing Swiss fr 3 1nterest andpdridplpayment b; 9
$p ya' ly Q:y >
~~rANQ,~~
~~% f f'r,d b. s~~
)
1 l
q* ',s 4
p'%
b S$ g %oo+Q% m 7jj g i
s
.f.
33
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s q
%m i
m, a n
.glyn, t
y a e
< s44,
,a a
~
ewa s y -
&johl,%4 Q Qf M "EjWi lhyO?W5%?
' ' ?O
??
A
?
y
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+
) 4 [ w. W +; Q,t+ '*e ww1
%M V
"A h:'
i 1
he, w
n h
d nhi
}Q,
i g
s,j e
[-
~ - e.
no
.~ :
.k" W; indefinite sugenslou dconstrudlori on thtUnit, resumption of
f their FERC lurisdiakmal mstomers if and to he exted the the' q
cp%@qNth the CAltXiatengements; none of *Ese ahernatives may h
Slum the Un!t and tehtumtbn d the Unit; In anxadark FEI C revhed policy is applicable. Under such dnumstarm, the ' f amairdng costs, plus a murn on the unamortimi investmems, h@@%[ NQ jmplemetrad without thebmal d each of th wmk! he recovet imm their Fr*RC Jurisdutional customersi j
f the Unit in IdMrry2, Clewland Ektde tilumins'mg Com-NicIAk k'hNa-he PrkeAthrson M Inits the
/
hh
{ pany 1@a',td Dmpesne Mtmapany's wind $ sbre d puMic liMity reladve to a single Inddmt at a nuhr power; M{WfAs of (kcender 3h 1991, the tornpny and linn Na er hat prywth fM.
.pinio swSto0am nemmnt bmedimwww m
, MQ@b ; 6%applicablev Pmy UrW 2Miin h compicen d the tion of pnyme msurance and an industry rettmpecive nieng g
finveM approximatdy $319,0%,000 and $52$00,0M, respect plan. Based sMheir present ownership and leasehold notmsts M
in Ecsvn Wiley Units i and 2 and Ferry ('ntt 1, the CapanV h HMWUnit can be' exped to increve its tint md by amounu which maximum potmtl(assessment under the indusvy nitcspixthe ]
[; % dare hot EMendy determinrMe;if a dtdston we made to termP rating plan (ks:mlng the other CAICO compnies were to coni <,
NCnatelling 2fmtd@ts which are cunently asMgnal to Unit 2 tribute thdrlP"Torsonate share of any assements under the -
~~g ', Swld 14 feassignt<!;where appropriaie, to Unit L Nnding ccm.~~
mmspxtive rating plan) w@i te 58h700,000 per inddent but c
, Rl $ pletkui of the ongoing revitWthe Compnp is timble to predia -
not more than $13,000900 in any one year for esh Inddmt, fh @haber ths snstruendo on Urdt 2 willmatinue otiticonda.
The Gunparues are alti sutect.to an addit onal surchargeT gh /
ualonNhatbasis suchinntinuation willpadL assessment ter this phn agptgating appmrtmandy $4,100100; Q')
Mb ' g ;( jt.e Compnp ha:6,il nos pkdet w!. Mis invesmient
~~The Comomles arc abo mmred as to their reytalvi inter ( ?~~
yn @Jinysitypplicabla la PUC0 jurisdalord cdsunerp would nts in the Deaver uiley S= ton ms! !!* Nrry Pbnt under pohf y n(
be remmaue if mnstruaion 6f ihe Umt were tenninated. if no -
cm issued to me opersing mmpany fg each phnt. Under these
@;, $p$means of narry bf the utii!Umt 2 we Wallabls tn the polides, up to $2,715/00,000 is pmvi!ed for propfty' damage sij f
s
%, gb $Qdpanyfrom its PUC0]tirlsdiakmal customers ind no aber4 pasjs forMvery inuld
. nies have abo obtained appmirutdy $20,000h004 Imurancei Q and deamanination and demnmis6mng utsi%e OcmpaJ 7
d ug4ould be irguired to write off the prtiori of its innstmmt merage for reptamment power costs for their spective amerests; y
& 7,c$ app!bble to its PUC(durisdialonal cmtomhrs3s ofIWemier 1 in Ikaver Wiley Units i mi 2.tmd Nrry Unit 1. Under thcae(
p
/ ys@ 31 1991, th Company estimass thai the maximum amount of loudes; the Compnies can te usessed a melmum of approxli
%p $7%ulchhTiteoff wwld kappmimitely $210,000,000, net' of nistdy $8,800,000 for acddents cautring during a polky year
. we tax arg WCompny am nsantidpme tha9 wrC ' whkh e in men d saumulatM funds available to thdnsureri Moff d even this magnittdelif regul.edlwould ofitself affect its
~~The Compailes inwd to maintain insuranm against nudean 7~~
?g[g%@bilititofpy #mmon stock dividersis at rurrent levels; and r
risks as described stxwe a loops it invailable. To the extents
?
$di Q sisdia;indkats the tile mynitude of any'rach w iteoff could!
tlue replacement pohr, property damage ldeactamination?.
E k15 m6ch semil6ri Basedhn Section)20 of the pennsylvania dxemmisdhning;sepir and replacnnent c6sts and other such) d' fg@hyinvestmd in hrry Unit 2 ylth rtspdto itsWUCMrlsdkt W J Pubik Utillh Code Nivi lher hdieves it hould remver its c costs artsing imm a nudear inddrint at any of the Odepardesi jh
. plaats excm1 the poly hmits of the insurance from time to L WMeneif meunit aiemumq timon erfeim mpea p em plu m n eximt i nudear 9"
sw < XIf a dedston wre made to termtame Nrry Unit 2, consetti inddent b daermined nm to be coveral by the comentr MC M Miist income wo6kibe reduced ithai time by the Afterence htrutance policies, or to me extent such Insumre hemmes >
- g kg"' h MMMNN 2 Nlp9t valueof revemie '
. unavahble in the future, the Companies would remsin'st risk
@4R % to be colkted from ret.ul jurisdicional customers applicable tow enitate inc has n clums-The compnies, together with tne otheri
- for sudicosts.
3 P
~'
% n.J fin)the! costs of Imnin2t6d construck4 pmjecs. As a result,if CAPCO con panics, have several guarante of certain debt and yhrr[Unif3 Niciminatedl the Caupnies would te requimi lose obIlgati9ns In mnnetion with a coal suplay contract for.
g^ i @j y
the Bruce Mansfield Plant. As of Dewmber 31,1991, the Qnnpa i g@ Vg;K nies' shares of the guarante were 5123,751,000. The prim
%h under the coal supply contru wtuch indudes certain minimum -
~
CX" prments, has been determined to te suffHent to satisfy the-kl
W,
"z y
_k [, Q l 's r
C {' %,
wag myl a.
l.& [
y
(
~~%"'<M.~~
V
- ;(
ep g ~gn% V " [ y-
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z v
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'i t
K M@j % nW W' W-y o
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y y,
I sk Chr M$tsiF me di L }a!!ng emNons, Thlle !he Qapmies do not Ai;rkwilli the gmensw map [$9L 1990 and Wij respuhey, l'nder ~
msawamuww np4uansemacu arewwwssse:
r
~~fed MOS,1%D00daring polkycne Crxnpoles carmt pMia yhst action the M may; E@QNhe^combpp{;costheL the f%edpirdesM kytnirsiv6 py, hb. E E ' %W # ;h An '~~
takHn the future elti( rnpedl to the laterhu mfonenent potky L
t Maia
, In Apnn9ss,severaistes,charwnadoniario,md
.. hw i sel envirmmemd gmaps puthned the MA to pendigt ei y"
a-gm cy7-wi%
ruianaking urea sasen e of ti. canh ratim m kg a m)
]
4, f
jF thatp0ruct10f thh 0*an Alf 41$hkh 4ddrWSet PMhltidtt
<h m.m m,s m,,n. na %, o w, a w he h
hkk, d h,
(($
DA has 81:tady &kmtined tbt sources kmMwastern mas --
[
MM w
~~wmemeanweewhaum eam n~~
=
fjy$ #.. M, -NW9N
- 6 EN.
V
" nl
&.. v. 3
> pulaic hedth'and wdfare in Canadt The Whing seed io M*sen#amerwmp+SY"'U' l f
officially con $rm this esrmfuatl6nM15e EA has infortced the 4 lT't
$ude*wiua:
peuumm a n des narrwy we umonforme s "
M9 "Y""iMitional cap!!al apnStum for mvtrottmcota!D*" *?*"*H**%% **P98
~~to na on thipestlom, The compan es are unaNo io'predia ue J~~
estimated
=
'D.
-~:
b dT+ bnps%e,of " ' roximseQMi@00,0 tim. a m a
s ich tilnda&W V
g Q gg g 3g g.d-During the put semd yenn, u-m
~~$MMconstructb.Iim~od em aboqundetAmrucnon, d~~
V g
WF*r%EA 3-.
~~iheiu,,egut,tionso,(13e mrihod.,usedbythe wAtodeie,c.. N Nl@ mon W~~
~~j N Gear (A'tM AfrmwAms of 1M reqe signdy,, -~~
~~mine the imodni sf stack height credit for estabNshlsg ladwiddah N~~
i
=
- a
%cantMiruoni d sulfur dionis0J ed okfdes dwtrogen sodniemh59en hmu's for 50. lbruons of the latest FA regulat.
a>
a[fg prbm die C@! pan %{p%s oyMCompliarat opuons a
-m o=-
s
- c idditkith.isnhslonwxs %m10plgdbyj995 Atid:
c f
g f, =Md dd Mt$. q-
.u a r'esu' h'of appeds by the Compardes and 4
&w
- ~*-
om.
gm
. ~.
c @'1 ww ~ s z
4g,;w7Indtle, ha a.wo,t Mmt'2d trOnstalling addnWud poltuuon m promdg~ates rew;tegulatlotts in mnfonnity with the fins!
~
=-
3 y;yn m. e%amWalas *p* n$ngo~w*m m*m xz dal ta8 Je *n8 =9 wn deeson m a meer;ow and annsywana must aca t j*a$oweo.ge
... am m a,
&^3 n
ng --
c reriew thdr embslon limits to ensrc conformem with the r m,-
o..
c~
' 1 MAhntivhsh mtnlmizes }<llutN. d rettring fxitoes. The;,
an
~
=.
4 e
~ des.am requirdm< su. bmi,t mmphnm ph.ns to the Etwl *,
gubtiom such redew oculd nsult in more stringent. -=
rww UA m..
.sa--
00mpat to
=
n QgmpetahtesypKypA)y, Je, ma,rygnduung,g. > s minion limits fot some exining y
-u.
m..
i msu anioperaus' opensenThe Compnin tre currendy"2 M
b 4howthen i l id h i f d.h,s wW comply..'these ff; gempk..upn_e ant ptt9 er,a
< - = "of thee proceedm.gms--
N
. unaNe. ~ dk~t t
= -
mAtem yith nt thilmsJhat do. =-
i M)une 198% m' anrdmed reg 6bdons coming man :
[wh topre outcome 4#w e p!ms mpsibe. -..
m i
~~(-h OE M hdculate N12er NINQtN from udlify DolleMMNh0dgh (be)~~
@h0 3
3 M9nr b w,H, tantien.,o - sru_m endies; the $rst M khndds dee, by Ndmnhal-1Compmks have power ~ p!sts in one.of the two counties in<s 4
s m - - -
- %@Wm -
4 th mis topulshealth.antidptea to.
-Ohio where.UA nnputer modellng predicu that exce' nive small : W aW c
ye
- ~ -t 4
u g
om --
m m
m
< Mar as,a re.J M the cathslon b~y dectric utluties bf mrten partkuhte emiss,ums will be found, the Compm' ies, are unaNe to 3 4
~-
<r o.
-r
- - =,
~~4..~~
gV,pMmblly hatanlous Ar pollutants;The FA'is to submh the,3.
' pmhQ $c uhlmate erfeet or these regulatums.
?
.;% ' ;;yeschs(thp,e $tudies td tangress together with rmomm Ag ug 43 o m-a;,na.
~~o. :~~
s
-s
-r QF tiondor furtlkicontrol regulrementsilf needs The Qnpanics 7
k k tyMteffedk@tdstitnd(d;neof flexlNiityi@
MP
'iesudsid mi[ zing varloits compbans nptism fd fealibili i
M [t{
4 A :e ce#nla are iminoimm ramey appmved sx h Wi ~ ' iot(mid the dolaiidds of $6 nsuht!on:,can result in:
~
L Mih}uG jdiefdadadingdiutdo@tior#dpuenung'untti '
hhkdhntVd%ilMCrlrfdnM pcldN's of up t6 $4000 p r -
i ? Qity of vsManJThe m he an huertrd etiforsment pohey for h M IDMegMAih Ohio vMch rJlds for mmpharge wtthf i
h$ @sgaladothbus! on a30 day ind5ging perioi The DA ha i
M fmferinert anossr;ompearic;uutity'or daages fn the smalm.
%g g @immy@ndungimpmWme.Md*
gw
[Ac
(
@ g.
qrg ; ;
f64 f M % M r
=
a aN k b M 3 w.
.w -,
a
w w, an m: w w ;s _
n
,~n k
+
+ +,
a;
~~4. A; m. m / y, d:~~
M. q,<g g_
e is W
, 7
W_
m r n ny S-p,
~' '..
t
v
.L f w._, di_f --
p-d,Z 'lq' W.e 4
y s
a.i, g$. #
3.
t 7f f NcrTEG mntremd 1 s <
a-.
p ~.* j;eM h Dfj '.,F
, _. qQ
, f(.,
k<
.s # 2 s
s 3; Q,?,
.t j%q% l 7 5 in fdituarf $990, thf ihnsylvania ikpartmc of EnkharM
~~7. St%tRY OF QUMTEkly flN ANGM. DATA (UNAUDf!D)-~~
%J UR Iv! lowing summarizes teruin conmlidated op(muing -
MW p@ej metal F,qourtu lssued prqad itphtions de,tling with the.
tchs1 qiwter for 1991 atid 19%.'
sweatystreatinal trasportatkin sod 6sposal d mldual s ute :
5 Mh"Qsedi asys%st@cruthis14e. The Compujica suhtted '
_g
., w su LdmiiM comments evt the pnpi reirbn%utui to and we na -
n m=
e*
m b
ma wi-*E,
Qg/ il%1WinN4@8'Ctrtairgrovisiorf finalnyhtionslicts g i g
' =
'a'"
ivauwen capanie concennertnwa on O. h. damy K19% and anyeaed to kcm emun the,
_-u _n _ _ e_m
_u,.u.. _n_m_m_ _m x_m.
r g
s ~
4 t#
y
. W 4JM 1"*
], M l re<p!raddits tdated to pennittirg groundwster monitoririp g^y" _
w ".
4achte, collation syttans..,cksure, lidety insuratxe and oper<
.om _cu w xyo_ _ _Tum_ f m& _. < n.sta -
o mbh Y nh lIhe@kN N tN N Nh ab I lhet jtgyg(gg l 7G6 -
l (g(3,p4
' $ 6(f y,
$ $7jQ -
e m, g,perming coshW%tibites by%entned amount (
Q,'
fC
. Jith resje tohhe envimtrientai mattm descriled aba e,
(-ew'
- 16sm.
~~6um ~ s 4s74 Li si,tn~~
' Y p, t tht!%:run expect ttiat any rrsuking Additional capaal cords.:
ww,,, m im -
a
' d Lame sw vo.
s4r tr
's g mgy Whldunnykrequirst;as wdl as any requir61ime in '
NE.? Yrsur*gc6sU, would ultimatWy le re00 Vere (from thdr
~
1 t
" ~ ~
w uc 9, s.
% w= :tw spr m 9
~
hs.bf4,. '
NN'-
o.' (h Opreung Revemes ', - $ %4 h70 J. silf,Il0
. $$71,417 - ti7)A19 -
~~t All $#4tti~~
.Tl!l {4W $ltaP$ afttlMlDil) l.
$l
~ ~
[~
$l uF[ n/%
^*
c
-6
> (yrams txpene --
s MD.
q@.,
r vid wm (*= k 4:598 2 404 /M ~
~~44 0 M e 4RMit yh~~
~~c.; 2 ;'b,.~~
~
,w
. jj?j')g _ ~
q*
4
' Met vaee(D$cuni. }(Q7)
))),4$7 -
'))(9lrj) - ~
hpngjng gigguy f_
?
4 i
b
,"a
? 1,41$,
1,N?
(5) -
. (VO '
Q@M Q W ;*
.qfL s ktimemtwd 3 fh r on carps (no t) ; 4%Ma.
~~Mms.,~~
s?M. ~ M)W x
+
sy %(@s a
t,'_,
m Imane : '
s%M: 8 BL2?e 8 M %8 ' i 3U62 ;
- - - ~ ~
o' t
dg,' b w na
,w
~~Qggg gg -~~
- 4 4,346.
' I !$M7 r
~~Gene ht J K 0M72 -~~
8 62M gyp ' ' {
4
@y Q 9
1
+
^A tumnp pr hm '
p
+y o
d Qwimn M 8.59 8 50,
8.41
't 17:
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i l
w 3gg Mfj!E I:D!.
4 % 'cfj fi-(
9f(
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3
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e q 4l )L% --
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's
% f.f '.fy
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n rydN k~/
[:
hj@fp g"JQ
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Mk 4 ~ g fa g(f,
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3
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p w.g e
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-'.l, 85 t
/p %ff%Myg a % 9
/ hk$ N3; D Q:h;, c. e) h mj*...
3+---.
r 1
st~
y
' r77-
' =
e wm mm g_:g.1y"',t d, s v
W
{
~~yL :~~
; 1 ' ;g*.
1 i
p
[f 8 q g_y
'y
+:
si i
=
i, m,,
I_
1
';};
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's.
. i
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' (
. JW W am AcwomAma =
b
/k,
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..o 5
?
~~To the %Mkrs and Bostd of M;, ' G Lin T t~~
i b ', dMC ^ i
$+<
- Dinctors of 0% Edhon Company:
^
g es,
m
<w.
ju.
ff, M) + '
k[
jl
' % havt lukted the accompanyint, usoMani beance y
r.hnelt and como!idated satements of capitahwion of Ohio (M/ 1 s
- Edimn Owpmy (an Oh corporx00n) and subsidiss at r4 Wt Dankt 31,19!F arsd 1990iand the n4ated contdildated statt' M: n 'y' AB '7 [ @..
S mmts t.f income, retahmi erintap, opital sei sad other pAld-6?p~ -
~
in capital, cash flows and tam for each of the due yers b the
(<
a 4;
period ended Danter 31,1991 These finandalnaments m
. the nSponsiMity of the Company's manayment. Our spomlJ 9
t o
Wity is to expms an opinion on these finandal statementt i,
l,y 4
plB gg 4
based on our adts.;
@hf[gg' - '
, W conducted our audts in anordamr with perally ac<
o M
apted audiung standardt Thora stadards require that we ple.
4 and perform the anlit to obtain reasonah e assurarme about yy y,T
~~whctber the finandal statements are fwe of rnaterial misstaite Q'~~
' supporting the amounts and disdosures in the finandal state (
menti An audit indodes examining, on e test basis, evidence :
" fi
$}j%(4 m ments. An aust also indudes assessing the accoundng prindples ;
~ used and sign!!) cant estimates made by managttnent, as wdl as i
~~ye s~~
~~evaluipng the overall finandal statenent utsentation. W bdieve i h,$ [ (,~~
M
~~that but smids provide a reasotuhle basis for our opinior p "%~~
~
11n our opinion, the financial statements tefermi to aime a
en A
prernt fairly, inlall material mpkts, the finandal postion of (
3l-db)M iey f
y.
ONo Edison Company and subsidnatics as of Ducmber $1,1991T
~
E" 1"
and 1990, and the muhs of thelt ogratkos ad their cash flows
.f g4
>^;;
for exh of the three years in 'he period endal Dettsnber 31, lyl,L SM'y) s in conformity wnh ganeraHy acapted accounting prindples, s
dA
,'f i
As discussed fn Note 6 to the <nnsoMaled financial state <
M
~~l ([ }' A J~~
inents, the status of hny Unit 2 is currently teing reviewede
,Y h*
Ib$sible ahematives being Considered indade Indefmite SuspCB4 s
'yT'<
W* V -
- the pmpanies are tmable to predkt the mults of the miew,'
. $toni esumption of work and tennination of the Unit. Because 4
W; ye m < f
'. y-the).:ana.ot noW predet if construction ofIttry Unit 2 will1,e -
fu,p% d $.
\\[f_
tem 'nated and, if tmninated, to wh:1 extent the Companies'-
g 4
invn ments will be recoverable.
4 qfl 4.1 d
%41
.mym r
3h@f x 4
New York, N.Y.
q 4,&w.
n' rairuary(19n w
~~g w~~
0, %
,v 1
,{} f)
'x,
, 4
,i
~
hf
[
.i s
, f w- '
1 e
f 4.
t
'j W',
1 T:%7
\\
a
~~e_,?~~
si
.jw ? _T b i
ndh.
.Ag G 3r 33 3
s
amr my wu
?j
+
s CONfGOLit%TED FNANCIAL GTATGTC3 otaotomrdompany
)
pxam en viumaa emp pn sie ame) j 3
i
__-~.
1991~
IWO 19 5) -
1%8 IW7 19 %
IMI
(
)
~n
. ~.~ _... ~..
l GTAi SA(, DMNCIAl,INfWI A110N.
~'
}
3 q' /
. Opuutng Rnenws '
$2,il8.946 g ' t2340,646
$1,162,720 -
~~1,15i,% 5~~
$1,78Q%
$O55312 81s906).
}!
49n.4%
8 M1463 8 392,357 8 252.91 8 '$$0.4$2. 1 8 ;!0,279 8 M3M9
.- Opcmg huee
~~240,069 ' 18 cK.M6 8 332,932~~
$ 186.170 I F4,M7 8 $9,Fh 8 IMM2 1 v
Im dor onC m m Te d,
.'4r
. RC tatio af Letrap to Taed Charget I.95 !
!?? I 2 63
-IM 2M 239 1% i
/ tid !staht) 11c: at tun,kr $1 55.985,415 i 36.N9.219 - i 36M1,737 36h4t.934 sh33b OW i it,7M,741 83Mt?$7 ?
l CajAta3 ttpotutti.
&ct35,632 f 3 039? I $ M8.044
$ 221,W
- ! 16U4! l 8 D6.19fi 8' %8M4 4
f.gowatge 2: istmiet Sh
.. Cecmpr$ 5it@talitW Iquny
$2,$71,946 > 12,$45,15) 12,5Mh06 ~
82,HO?fi J2 MI.32i 12 541,712 ilJ29,t44 j
Prdmed ved hrfrent G
-j 6ud NN Suted b -
W Mand,ttory Rdmi m -
' 554,240.
5 %,290
$HJ40
' 5H,240 4NJ4D 4%,%7
~~3N.240 g~~
heterred and PrJntwe -
1 4
5kd Schgo to
{
Wr4xusry itedempd6n
, 65,$E2.
62.822
89,562.
-%.802 111.351:
160,794 151J41-i 1,teg ium iv!<.
3,243,167 3.105.248 3073,1%
3J08.%)
L312.855 f 3#6,f4 2.707,2 %
1
= Total C,trMttim -
86,0H.931 86 % 7,469 '
$6.0004 16,190370 -
863M,774
$6,821,934
~~L39f /30 -~~
1
)
l Ctpttakaan hinus a 1kcmkr 3b J
' CommoriSkdholders'Ig,#q-39 $%
41 9 %
41.2 %
40 9 *W, 40 fi%
$73%
31 6 %
j
.htkred und Pttferentt 5ttd Not '
. 6;'
6,7 78 j
l
~~subna to Mandateer Penpton 5.9 '~~
59 5.8 '
57 knferred and Preimace hk
,5uttxt to Mandatory Re&rption 1.1
'10 L$
1.6 2.2.
2.3 39 y
<. ttq 7erm iet.. 'Jt
~ 5 $,1 51.2 50 5 51 6 51 0 97
.. %.7 1
?
~i 100 0 %
100 0 %
IW O%
.^
' Total upttahatz.n 100.0 %
lt'0 0 %
100 M 160 0 %
]
I
~~Cost d Preferred and Prrfmra sud Cattian&tig at twukr 31~~

n 7,60 %
- 8 59 %
B ?2%
B.71 %
.9M%
9 66 %
11 37 %
3 (Oct of1.mgTmo ikre Outstanding 3
$ Imcstrer 31 c 8.75 %
9 28 %.
947%
10 26 %
10 21 %
10.29 %
11.15T j
COMMrW STOCE DA14 j
~~farrnny pt Share;~~
~~$ 1.60 81 M '~~
~~2 18.~~
Il 22 f.1 to
$2 47 8230 j
, Raurn on Awrse Cmman Equny -
. 9.9 %
99%
15 0 %
00 %
t)8%
14 9 %
' 14 6 %
j lbi& ids taid per hre ;
$1.50 81 73.
ti.% -
$1S6 81,96 IIS2 II,76 i
i Catmen stek invxhid Payout Ratk 94 %
104 %
90 %
161 %
41 2 %
3%
77 %
1 JI m
~ Gmenon hk Imumd fic!d
'st tecmkr 31 '.
7.3 %
.88%
85%
10 4 %
9.7%
96%
i$ 1%
ll htctTannay Ratio it Mmber 31 -
t2 A -
10.5-10.9 1%5 64 7,9 51'
'-1
' Shares of C(mon Skd-'
4 Outstan6ng at Twrmkt $1 (0W)?
11$2,569 152369
- 152,544
' 152,50,1 152,3 %
149?sli' 78, 4 6 j
' Ibok taiae per Common Share j
r
[.31(Wacem%f 31 ~
$l$.55 -
Ilb 68
' I M2 '
$1b bD Ill40 iib 97 Ils,b2 I
' Market Price per Cmmit Shue 1
t u remukt si 520.50 -
slt:25.
sn 73 f1887s-s29 125 -
819.s0 1311;25 -
d
' Ratio of Markrt Price to Rock Value.
'l
' ter !he at Ivtemkt $1 l 132 %
.1D3 %
141 %
114 %
116 %
115 %
74 %!
ag a
E j
4 q
4 i
y
'i s
K e-m Q'
}
y..
3 5..
~~am 1~~
g
MGM~_MWWW+W272 ??M nn IDM_MTfi MATlM.3lMATM. OCiO:. t N < W-4 %@; % )w * 'Q @ A m.,;y&and@s!;<;%.n, C %,m, che taen nenswiy" n XM e;
=
wy dg
,4 m%. v4 ww 4: ;
u; :
.e
~~ueM,.eksee e,pm~~
. <remesir4 w w.
< emes.9e.aste gne dMMRN'ep.n i..s <.i,' '
99,iiveora'.e hy w
wg
-nu
,,. ~
eeWa@ irme% ewe 4 s; Wr$eme.S _ ne
,, W Ng }%&.piwrskomudp ns {" 2. J ',1990
^*%=
i*gna,4=w
~~e -gen. **m=q e~~
%y(4 s
W1991J L
-!M9-
' 1R '
$37 '
IK 1561 fF
-yeer.. e?
m.
ww 7+
+ - -- *
~ ~ * -
+h.
we6 c w, &(
kppb.
' wwseisp(%[W^
m;e p
"h$RMMc M ClhM i$ $39,$$7 ? $ $ R$$ ' - # *4 J$
$- 72400 0 622 N '
8l60,163 I
4 441%7 'd >;^
M%n 1 621,44 %
W)41
!%Os
$4,an '
66)%
~~4 19.590 mj99 119N au,K2]~~
W Awret & i d Q x s. 40,0%n 181%b i..MW7E
$p W,
due :
o w
x.m w nw' Ww
%,m %s m,,
u w
%._s,
i
,a C6
- me.
w.~
s,. -
MMhdhh[,g%,.1es kivuld %
.~Mm, T T 223.~,000.c:
124UW t
[,
NI,6$! d \\ M l34
)dd,49 1MIO
.s I
,DI I $U.$)h,
13 % 02),
N5
,_., 23 9.% l _#1.a51 l ; e %143, ~344,
~ #, o.Ri ) '
.m_
=
3 ~ --
s I
h$7
$N\\
. I.kl)l 7D I2,NN39
- $ l $I,73l,722
$l,U4 I3 '
f
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d
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a s
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.,x c :,
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pn.
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k f
- 26J }
l 2$1
~~218 3 t~~
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~~37.0 ;~~
, ; 26.5 -
26'0 El2 ? F Mj l.
1 26.0
' ' ' #99 V
$ 3remrfath E
M
[f 436.01
-~
o
~~%3 L 2H M~~
253 F D #.oth4 %.R M C M M +.~ D t.51,. <, W
-L6
.,.39f
-, $ 9 30, 143./
N%
p;#
M5bM38thotaMN %r-+
-~
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e
$w ales to traitE,% + J, i N s9.6 :
NB 111 11:1
'il 3
.. 92.1
. - 8 9.
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'37 7 90 8 9t1 ;
yks M-
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.- TM'WN @ @ > ' i i < > T jeOS%
U00d%'
L 10M%
'100 0 %
IMo%'
100 0 %'.
< 100.0%
N I
9 p p "..0 9..
l m$mMl. OMTTJ.1001 SALES (Mintom)6 WR Eri
~-
~~n a.%2 m#~~
desHiW48@-
y M905 a 27.517?
L7A19d 7/4s-7,299
,0%.
~~6,' 47 U~~
~~i Q I W W ntam u1 M@ ti,MVr j %(6,648 E 4374 L65~~
~~y 060 L781~~
,,%0 '
4,91E
' l Jg M'd@MindumrlalMMph,V "
9,99s f 19Jt72
.19J91
,.' 9.872 9#7'
. RJ33
' 9,3i2 '
H bodC Ea% i; _ % /
D M4396 y
> f %8 y ? " ' ( 3R 1.1$9 1.310 '
Et,192 ~
51,181? <
M s
t a
w%. O $]yVp(ti 12(SIM SlijlTJ 24,00R 4 719/
. 23,458 22,bil M,197.
4 wm r
a hbj$'JtWota1% m. -,
M.Jme%m.,,., toww w.m,,m ;
we
.a n
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~-
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- - kh.
M k 28M) sg x
' 2 l(7. ] h
~ p s NOUSTOMf25 $8tVf,D AT Df0NBER3119 MR. a,
4/G, J.,*
L YM
$ 9 t h imital y g Q W W L dp)$,$4F W928pM 1 919335
. 91uS4l 942, 4 89064 -
8d.50);
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~~: SenkW. 0hio bn Compan.y, K South Mah $vrA Akron,~~
' wties d the Cedupny's anaual repon arid umn reports by s
.!k 4@ q 50bb 44308, tt #1 one of the followmg e4 free nelgkne '
aguacting SMindder $mkrs.
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Wi M, MamhitsM
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.fvLnmL.12 AfNUAL RE@'TS My M lb a @ohsNe su skireg of ut kWAchort mWM
&pi
\\ ;
e w4s <7 _ ' o wont nu may t= mermgm en onc e d tu mnus twt m
if ym t! ave marc ha cor shA sen. If you wem m 4Nfp n
y-r_2.
..8 mintala Sqdrate $bck munts bhl ditytrMe mn!!qle aptsc k'M h,3 Eli M
th yrue m Suckhokkf Serrkts sud apt tht we cop -
, i S
2rwheecaw%
meng an annumi nwn a a puncau mua ne sure a p@4 w (:+
l WD7f44%
l-prmle (bc erst registration of the sM apunt for which -
i f&
t',. 4 ;jhvMdd tmpirn and okrlhtormk.
M **A* *
~~W 'a^hD5' W W nh *d Al gg7,g34 pnay metaM aww e be aahach met if :~~
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<E-c you want M ueline your asunts Asse wn:e et cd o
y4 7 1F.
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MD fue numtwn att vahlin the (Wied Sws,.
$& hider ServWs for Innmctiont p
& W
' y" J & J Canada, Puerb Rko and the Virgb blands Business hours are -
48M amt b 4 30 p.ml3 fxWo time Monday tiuough fdday.
, INSTntmONALINVESTOR/SECUAr7Y t
L (A#
As who have personal com, utm and mo&ms can ANAtyST NOURED
<4 4
y%M
ica er IMetin hard serv 0e wntdays tntwem $20 p.m
y"*"$' "" *"d '**r *** d*"id d*
W iadunams endmwhuu 26384 mum me o
w Merm)ENT ANQ; e
T%,a stmu m edi m
! OVOGNtMEN@dyn AsslMant Tuum ~
d u urer P@ E %" *, Ls w pmcH W p g
~
W sm2uz -
- 2mn h
k y ' $Thebenpany's Divkkod InfinOmmt and Stock Purihase hANAGEMfiNT.CHANGEG T
hy[b;g%g ; Plan re@s *n opportarity#sqindm! snihokks to -
J
~ 1n July MI, the Qupany's bud of Nnamiected forme,.
Q@g w, weshadowomorahmsM ruwpas p,,,,nt yman y gagmar, ca,1,,, or 3, u,,e,na gact.
p
~~may beest a!! or some of tNfr beds br make optional executive offm Willard L liuDmd was named prc9 W~~
py7 E
60M s
',j :+wh pa ments of upN HO#d armualy At die end of 1991,
~ d*f operaung omett and a member of the ficard; and fo g,
= wea*n emans**m wve m en.nmm,m3ow y_7 g % ge,,g yg gg,
giainnan a ihe hard. ur.,ioiiand fana 7 med a,,ensi,y e, e A,me%.#,m, m)apmmt vm== w o-run comm *= u =>
sponsie Imgy markting and distributionu
.ppi M O, f Compny in 19)! tre inable. hopoud ddet tN c
j in Nm-mter, the twetars ekoed Oce l>rnident and.
~ gy A gjiOdcornmon'mek &nkeds 6193 ste! *ADE112 f wo mal Cel athmyje Alaan&S to senior ekt president - l pM@1 ogQ M %^ 4,end Date ;, Eggg: i I:w and peral coumd, Anhw L Gundd, mmger, Symm3 pr
?
,. gg g
~~d. jane $ ~ M dune'30~~
. Wns;e de pe&nt md huelP kio, mwag; d
j M $, bx M N $ June N~ =.< r conmmentalmes,io tw pruient.
M a
110 June, Penn ibwds Board of Directors ekried'RofEtt Q (y' rhkukO4
+ [t t :N d u s,a n ntd - m..a w rw. m a
m who ntimi lu August aftet 43 years of distingubhod sette, Ai SToeg LISTNG ANDMONG) w
'gl;f@ Tm, '
h@ h y
. gggggggjj, Q>y gg i Mark T. Ct.trk, former SpringMd upska manag reguced J
,'b m
9 Midwet Stock achanges utder the YOff" tradin A WWF as Akmn DMston manget;hmas A, Ostk,x Q
M* %.ay owm%gsymbol. s b-rwav runtes a umies mane-m my-gh '
0-,i
..o c
-- 7 e ' x#
need in Springfwld Division manager. Ikhard it Manh,.
w; 4 4t
%K ANNUNIRT EM mstp W3 O@MenWtrwt,i 7
ifondKltheNSdRMr sumang Kmneth j Wrtde, who a namM manage. = '
~~b..~~
oa mmo%.tMtheSecuEchttWtg
.wm wort ruichating and waierais uanagemenis
. 1. m *.
%a @a m m. M76 Soum Mam Sueet/ Akron,Che,44g snoted to %mnpkmn DivisWi manag reptadng ther A. ~
g
~~to Gregory F. Idlame. Satary,0hio Msore Ojrnpony,1~~
. ~ Earl T, Careysformer Stark thvisim manageraas prov X
@Q. 7%q?
p
~~-. f htterolffwho retired in August after 43 years of dedicated L I~~
f
'y mice. R. Joseph Hrach, fonner mamger, Communka@ns :
dl4 ' 'f' ' W c, 4;ANNUAt. fAftTire OF STtdHotums w
m-
%@hW h
Serykm/Cunamer Amnt Servkrs, Pmn Ibwa, succeekt Mp~ %y"*JJ \\Weinviteukhulerstoamlndthd992 Amma!ht!n
. A csuthoars on muday, Apro 303 iohm in the.
Mr cmy astuk avhim maan omries tjmer, former -
g, y Company's Gerwal Om< tin Akron, Ohio lRt#stered holden superblaident of TransnMon and Distribution, Akron Diviv iMmn M not a%mve umsa sion, was pnad a hk r.rie mvbion manan sumeang
?
dy ; h g6 W bu6 ness by f@r4 out and ntyming the pnay cud that is Maknim L Cash, who is retiring after more than 32 years of 2
' D' i hdd MMp bebe the mming $tockhoWrs whme.
6.sdngutthed smie p#4 s ares are h*4d in the name d a tsoler can attmd the mwt!ng in Demnber, the kupany s Board of Direcurs ekted
-+
4 1
Dr. Carol A Canwright, prn&nt of Kmt it IriIJnivmity, to
% ;%wf g ?, 7tf aleer fan thebrokeris preentdlodcaung ownership of X J, gn
. E0hioEm Common $to2 or, Much(1992c serve as dmscror of de Company, effective January 1,1992.
g la Mruuy 1M, the Board electedJes:T Wilhams,$r, NT M N N N Ykt prtddmt of IlumM Resoum Divmity, $af6y and %rhI gpg Me M3an company -
m compm.aun Tha Adycu Tire 8 Rubber Company, to goq 3msfer Agent and Reghtrar serve as &ncor d the Company, effecuve Mant 1l 1992.
d
[.M,,
4
' bjp. M WT D6 South 8.,rt $treet ;
> 404 T Vc knnt ou44300 A
emp y
=,- -
QUbYUL %
jwwn ;j.
GOAND OF DIRECTORG OFnctna DIVISION MAN AGERS lbould C. BlaAlns, 62
_1lillam R. Miller,69 Justin T. Rogers,Jr.
Mark T. Clark fuskhet d Winte Geolk!,ned Iwmant of Natninal Mxiuf.x1urir'g Ovinum of the Ibird Akron lidte.tnts_ inc. Otds d. Oldo
& lhign Qirp, Albany Lenuxty (htee and tumnutrial appliamts, Wthmg) Mankt.Gnupmauon Douglas W.1xhappat Gar) M.Sta r
. outAnr and indu.stn2 lndkt)
O n minte Ekoalt w Wr Quinuan of tia lhtrd illy Manbn. !!nana Gummme, Ncminaunt, CommuW John Schon,69
% litard R. Ilolland Giaries L Jones
. thed Psi IMmd, lonvrly Ouunnan of t!e ht%limt
!* Enc Board and Omiistutae Offurr H. Ftter Burg. 4 5 of Qcimercial Strating hr.
Anthon) J. Aletander itrd M.Itnts
$ttilor Virr PftNdtt! Ard fxew Commernal interWh Girp,
91aor Ykr Pnskktt and GentrM MMBIr!d diiti finarx12 OffRt* of Viunptown. Oheo (engmn m!
D'unsd Ired K. t hite Ohnfawn W1uht.finsur natai nepumts) Wwht.
Committte. Dettd N5)
Coms ttsauon Gmimitkr.
fl.Peterilurg Manon ggg gg Niuor Ykr htsderit Robert II. Cartwn, 65 U"'*"" A ' U"'
Retiml. fwmerly Pnsiint and Charles W. Rainger, $N N" "I J ' ' *""
I""
~~d \\ W bU 06f Eunitar Offurt of Ortortsal l,tsident of $arxtusky Intemauond U~~
hhh Rutx!k Corporation, New Cutle, hx. (formerly Sanausy foundry Arthur R' Garfield Mark ittuyhmila (plumbmg fatuns)
& Machne Oxnpany).5amlusky.
. Memht. Ataht Q>nmu!kt-Ohio (ctutnfugd cutinp)
I4m ard T. Heil ih1cd PM7 Winkt. Nainaung Gemitut.
John A. Gill Warn 1i Ektted N87 Dan R.Carmichael,47 W htw atu Lad T.Carty Pmddent and Chief becuuve justin T. Rogers,Jr.,62 Antimg i Gorant
)ounptown Offurt d The Shdby Imuratice Channan of the Board mid Quef Yu hWin Ctepany. Shdby, Ohki(daetwfitd hecuthe Offutt of Ohio fason insuranctt Memht, Onnp'nsauon and its subsisary, hnns} hun' Barry M.Milla Commmtv, flat ! ff 0 Power Chiumun brwar VW Pns&'ru Qimmittir; %miht. Nonunatmg Dr. Carol A Cartsright,5()
Ommitkr. Ekstd ND Das id I.. icager hisdent. hent state Unntnity.-
Ykr Pnudent Kamt. Ohio. Ekoed PMI George M. Smart, 46 htsdent and Chki hautne Daniel P. Teno Dr. Lucille G. lord,70 oth,r M QutrW 5taks Can Co.
Var hednt honist of Ashimid !!nnttsity, Madon. Otuo (ngid ointainen)
Ashlmd, Ohio. 04amnan.
Memht, haarur Genutur Gregor) F. taillamr Nanmaung Onnmitter. Memist, need FM Fmmxt Onnnutter. Ekoed 1979 MTetary Ikmglas W. Tschappat, 64 Rkhard 11. Marsh Willard R. Ilolland, $ 5 Ykr Charman of the Board of Trecunt Pnsident and QuelOptaung Ohm 14 son need Nku Offger of Ohio idtson liarie) L. Ragner Ekoed 1991 Irank C. Ratwn,67 Onnptniller ikund, formerly Pnsant of Sobert I toughhead,62 m,qsumn Wekhng and Nanc) C. firink
- Retmd, formerly Chaum.in of the Epnnting Gepany.
Assist.uu $ctTetary lioard, President ard Omf f xtru' iounptown. Ohio (nonfernius Int Offkyr d Weinon Skel Orrpo-Wlovn Chxrnwh Au&t Theodore F. Struck II ratkut Weinon, West Virpnia Gnnnuttee. Memht Nominaung Assktru 'Ireasunt (strel pndtxt) Chairmait Gnn-Cornmitte Ekded N74
- pensauon Q>mnuttee, Member.
Iloward J. Tuber Audit Ommithe, f3ntd PM jesse T Williams, Sr., 52 Assktant Onptrolk r Vxt Pnmatit. Iluman le on Glens II. Meadou s,62 Ikutsity, Safety and hun Retid formerly ITeskhmt and Gapnsation of Tlw Gndvear Tire Chief Eurutar offiat of McNeil
& Ruthr Qinipany. Aknin Ohio (Ohio)Girpnuon, Akron Ohio (utts and rulhi nhwd pnduct4 (manufactured prodtxt) W1nh r, goed pyg
' Audit Committee, Compensation Comrmtter. Ekoed lyt OtRECTOR EMentTus Fred II. Tuck
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